AscendantFX to enhance international payment platform compliance with trend-based transaction monitoring
(June 8, 2015) — Financial institutions are responsible for developing policies and procedures to combat money laundering and other financial crimes, including being aware of the methods by which these crimes are carried out. This is a difficult task as criminals continually adapt to new and changing regulatory protocols.
Failure to have an adequate compliance program increases operational, reputational and financial risks and can result in regulatory penalties, forced operational changes, lost revenue streams or frozen assets, and negative publicity.
AscendantFX has incorporated risk analytics software from ACL to enhance our compliance services and add additional screening to help our financial institution clients identify risks that may not be easily identifiable with their present tools.
We add to your existing anti-money laundering (AML) and fraud prevention expertise. To help you detect and prevent money laundering, our analytics will increase your ability to identity unusual or suspicious activity in your customer base. Our solutions deliver flexibility and the highest levels of security and privacy.
Some unusual and suspicious activities we have helped financial institutions detect are as follows:
- Beneficial Owners Convicted for Fraud
- Discovered corporate account owned by individuals convicted of SEC fraud.
- Nigerian Advanced Fee Fraud
- Fraudster requested customer send money and disclose banking account information based on false pretences.
- Grandparent Scam
- Fraudster claimed to be a distressed relative and requested customer send funds to a bank in a foreign jurisdiction.
- Money Mule Scam
- A customer was unwittingly recruited by money launderers to receive funds into their account and then wire the funds overseas for a small commission.
- Suspicious Money Laundering Activity
- Identified a business using multiple corporate and individual accounts for deposits and outgoing wires
- Detected individuals using multiple financial institutions to stay below reporting requirements
Combat money laundering and fraud and strengthen your compliance program with AscendantFX. Our data-driven due diligence capabilities add value to our international payment platform to help you to protect your financial institution from regulatory and reputational risks.
AscendantFX offers a complete range of foreign exchange services. It operates from offices in the United States & Canada handling wire transfers to 235 countries in 150 currencies. AscendantFX’s advanced technology platform enables integration of payments and reporting with selective customer interfaces. AscendantFX helps non-profit organizations, charities, educational, financial institutions, food and beverage industry, travel, importers and exporters. AscendantFX traded $1.5 billion in currencies last year. More details can be found at www.AscendantFX.com .