Navigating complex AML Compliance Challenges at any point of in the customer lifecycle is our goal as we look to expand to the USA.
Tier Money, a cross-border payment provider, has partnered with Flagright to support its entry into new markets.
Financial crime is a multi-trillion-dollar problem. According to the united nations , the estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or 800 billion – 2 trillion US dollars. While the cost of fraud and money laundering to financial organisations and other businesses is high, the cost and damage to economies and society are immeasurable.
Tier Money's cross-border payments platform can be enhanced with Flagrights real-time transaction monitoring capabilities to protect against money laundering (AML) and fraud in the following ways:
Enabling us to detect previously unknown behaviour patterns and identify new risks faster. Delivering alert prioritisation so we can focus on the highest-risk areas and use their investigative resources best.
Tier Money is now equipped with these capabilities to tackle financial crime more dynamically and uncover new fraud trends as they occur.
As Erica Calzada, Head of AML at Tier Money, remarks,“Efficiency and efficacy are key to scaling.” Flagright's transaction monitoring solution allows us to grow our customer base without increasing our headcount.
In addition, Tier Money CEO, Michael Nyananyo says,“In a complex, rapidly shifting world, criminals continue to find new ways to exploit financial services to launder the proceeds of their crimes, and we will continue to invest and partner with the right organisations to combat such bad actors”.
Flagright's developer-friendly API and no-code back office allowed us to quickly set up all required infrastructure for AML and fraud prevention.
“We are proud to have Tier Money as a customer and are excited to support them as they look to expand, in line with our goal of helping fintechs and neobanks transition to an all-in-one API for AML compliance & fraud prevention platform.” Says Flagright.
About Tier Money
Tier Money provides FX conversion, virtual cards, and multi-currency accounts to Africans living in the diaspora, enabling them to send money back home without using a remittance company. The company also makes payments on behalf of individuals and businesses in Africa hampered by regulations.
Official Tier Money Links
website | linkedin
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