AML solutions for payment service providers

Digital onboarding, AML screening and in-life monitoring of your client base

With many payments becoming available at the click of a button, money launderers are increasingly seeing online payments as an easy way to wash their illicit funds. The size of the problem will only increase, as according to Boston Consulting Group the global payment processing market is expected to nearly double to $2.9 trillion by 2030.

The main challenge for Payment Service Providers (PSPs) is to ensure compliance with the relevant AML standards, whilst ensuring customers receive a professional and efficient service. It is therefore crucial for PSPs to consider all relevant risks and put in place robust AML processes in order to mitigate them before they impact the business.

As the volume, speed, and sophistication of digital payments grow, so will the vulnerabilities faced by PSPs. Regulators were initially seen as slow to react to the scandals and revelations in the sector, but in the last few years, they have strengthened their approach significantly.

Money laundering through PSPs can take many forms. Typical approaches include, blending funds, smurfing (breaking down funds into smaller amounts), invoice fraud, and offshore accounts that hide beneficial owners. These all apply to PSPs; however, two particularly severe threats have been emphasised in recent times – muling and transaction laundering.

As the volume, speed, and sophistication of digital payments grow, so will the vulnerabilities faced by PSPs. Regulators were initially seen as slow to react to the scandals and revelations in the sector, but in the last few years, they have strengthened their approach significantly.

The stakes are huge. Global banks were hit with over $15 billion in fines for money laundering violations over 2020 and 2021. As the PSP market grows, it could be vulnerable to similar sanctions and face punitive fines, not to mention the threat to organisational reputation.

RiskScreen helps PEPs to achieve optimal financial crime compliance performance through a truly risk-based approach. We do this through a commitment to building solutions that facilitate internal data economies in which the data held on customers can be used, together with more widely available information, to more effectively manage financial crime risk and ensure compliance with regulatory obligations.

RiskScreen technologies can ensure PSPs achieve compliance with money laundering and financial crime regulations, quickly, efficiently, and with total scalability.

The RiskScreen ecosystem

The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.

Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.

The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.

AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.

Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.

Revolutionise your decision making with RiskScreen’s in-life monitoring modules.

Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.

Further reading

Find out why RiskScreen is the smarter way to combat money laundering

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RiskScreen was founded by experts in financial crime. It’s because of this unrivalled subject matter expertise that companies choose to partner with us.