We built an automated compliance database designed to address agent risks
About
Applicant name: Payment Approved Technologies, LLC
Innovation Name: Agent Navigator
Innovation Type: Solution
Website: https://agentnavigator.org/
Mission: We built an automated compliance database designed to address agent risks
Innovation Description: We built an automated compliance database explicitly designed to address the risks posed by agents that fail to comply with fiduciary or AML compliance obligations. Powered by Payment Approved Technologies, the Agent Navigator is offered through the Money Service Business Association (MSBA) to elevate the compliance performance of industry members and reduce the economic and compliance risks posed by non-compliant agents.
It is a web-based service that can be accessed by subscribing members and customized by user needs. We report agent-related economic and AML events, assess risk score to the agents and specific agent events, create a composite agent profile, and research agent performance in the industry.
Innovation Inspiration: We researched MTO’s concerns regarding their agents, and we saw a lack of transparency between the agents and MTOs. Any agent risk/AML related events were not shared across different MTOs, since there is not a common communication channel for MTOs. An economic event could be frauds, contract violations, thefts, consumer losses, civil lawsuits, criminal prosecutions. AML/Terrorism Financing events include termination because of AML violations, public disclosure of AML violations, and government allegations of AML and AFT events. We created a cloud-based, hosted automated platform that allows money transmitters to create a private user and password-protected accounts and store agent profiles and information. Each Company can share and report to Agent Navigator selected, verifiable, and documentable economic or AML events related to agents. Users can access the Agent Composite Profile to determine agent risks based on reported and scored events.
Who benefits from the innovation most? MTOs and regulators can both benefit from this technology. MTOs can better track their agents across multiple regions of the world. They can also receive reports on agents across various areas of new events. Not only can MTOs derisk themselves from risky agents, but they can also prevent any economic losses from potential risky agents. Regulators can also benefit from clear and concise agent documentation. Our goal is to minimize MTO’s compliance risks and provide a unified communication channel between different MTOs on risky agents.
What are you most proud of about your innovation? We already have one of the largest MTOs testing our product. We believe our product will encourage agents to be more responsible for their policies and procedures and transaction monitoring. It will also strengthen the trust between MTOs and agents as they work to develop new offerings and relationships. MTOs are trying to solve their agent risk issues in the silo. Our product offering is different because we allow collaboration across multiple MTOs to solve agent risk issues together.
Status of Innovation: In-market
Innovation Active Since: 11/01/2019
Applicant Type: Private Company
Headquarter City: Austin
Headquarter Country: United States
Year Founded: 2014
Main Category
Main Category Choice: Compliance Solution
Why do you think you should win this category?:
Our innovation is relevant to this category because we assess agents based on specific agent events, thus derisking MTOs from hiring risky agents. They may fail to comply with the fiduciary of AML compliance obligations. MTOs are trying to solve their agent risk issues in the silo. Our product offering allows collaboration across multiple MTOs to address agent risk issues together. We try to reduce the amount of risk and time spent on conducting due diligence on the agents, as well as monetary loss resulted from uncompliant/risky agents. We’ve just implemented this product with our first client, and there are more to come. Our team has over 40 years of money transmission compliance experience and knowledge. We believe that information sharing is one of the most critical aspects of risk management. Companies should work together to combat money laundering and terrorism financing. We are different because we have the technology talent and industry experience bridge the gap between financial institutions.
Secondary Category
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
Our innovation is relevant to this category because we allow financial institutions to share agent information with other financial institutions. Instead of siloed agent risk management, we created a channel for MTOs to share high-risk agents. We are different because we want to make information more available for financial institutions to share and combat money laundering and terrorism financing.
Team Members
Full Name: Kai Huang
Role: VP of Business Development
Linkedin: https://www.linkedin.com/in/
Full Name: Maria Alejandra Borjas
Role: Executive Compliance Officer
Link: https://www.linkedin.com/in/
Full Name: Jorge Guerrero
Role: Chief Compliance Officer
Link: https://www.linkedin.com/in/
Full Name: Jason Montoya
Role: Chief Executive Officer
Link: https://www.linkedin.com/in/
Supporting Links
Main Website: https://agentnavigator.org/
Flyer: https://docdro.id/b7CO63i
Presentation: https://docdro.id/YtMHZ1V
Entry Representative
Full Name: Kai Huang
Role: VP of Business Development
