TITLE: Transfast Compliance Program
CATEGORY: Compliance/KYC/AML/CTF, Open Category
NAME: Amanda | Williams
CITY: New York
APPLICANT TYPE: Company
Transfast is a leading provider of cross-border payment solutions for consumer remittances and global business payments, with over $6 billion sent in 2016. Operating a proprietary money transfer network of more than 120 countries and emerging markets, Transfast has a best in class compliance program to ensure secure payments and stop fraudulent transactions. Transfast’s in-house compliance team expertly navigates challenging regulatory environments, while adhering to the strictest AML/KYC and counter-terrorism financing policies. Each transaction sent with Transfast is vetted against global sanction lists including OFAC SDNs and UK’s Consolidated List of Financial Sanction Targets, as well as proprietary user blacklists.
Transfast’s compliance program is built around people, processes and systems. Per the Better Business Bureau website, Trans-Fast became BBB accredited on January 25th, 2013 and has a rating of A+. Transfast’s compliance department has a comprehensive AML and Sanctions Compliance program with zero regulatory violations throughout the examination as detailed in the corporate external audit concluded in February 2017.
Transfast achieves this superior rating, by the following:
Licensed or authorized in 70+ jurisdictions across developed and emerging markets including RBI in India, SAMA in Saudi Arabia etc.
– Licensed as Money Transmitter and Money Service Business in 38 states.
– 15% of in-house, global staff dedicated to compliance and risk management. Highly credentialed, industry-leading
experts in AML/Compliance employees.
– Acquired industry-leading transaction monitoring platform for all products: retail agent remittances, mobile app, web, and white-labeled business solutions.
– Send volume monitoring to ensure threshold compliance in currency controlled and restricted markets.
– Internal audit program to ensure service levels, mitigate vulnerabilities and improve process performance.
Continuous, on-going specialized training to ensure compliance staff expertise remains on leading edge of industry.
Compliance on-boarding and maintenance process innovation ensures documentary efficiency and security.
SOLUTION IS LIVE? Yes