TimesofMoney Case Study

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Digital Payments Specialist Manages Compliance Risks

TimesofMoney ensures compliance with Firco™ Compliance Link.

Compliance Risks
Due to the increase in sanctions and stricter anti-money laundering regulations, TimesofMoney – a leading service provider for online cross-border remittances and digital payments faced challenges from evolving regimes and guidelines.

The traditional method of screening clients – manually reviewing and remediating alerts to process payments were inefficient. Yet with a significant increase in remittance volumes, TimesofMoney could not risk human error in data extraction, inaccurate alert analysis and record keeping for audit purposes.
TimesofMoney turned to LexisNexis® Firco™ Compliance Link, an end-to-end, modular solution that enabled the company to assess new prospects, existing customers, third-party vendors and financial transactions against watchlists mandated by local and global anti-money laundering/counter financing terrorism (AML/CFT) regulators.

The integration between Firco™ Compliance Link and TimesofMoney compliance screening workflow accelerated turnaround time for onboarding new clients and monitoring existing clients. It notably created better efficiencies throughout the entire remittance transaction chain. This integration positioned TimesofMoney to meet expectations of regulators and correspondent banks by demonstrating effective account and payment screening capabilities through Firco Compliance Link.

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