When offering international money transfer your compliance controls are critical to having a successful program. With the SimpliRemit software you have complete control, visibility and flexibility to ensure the compliance meets your needs.
Know Your Customer
When a new customer enrolls in the service the SimpliRemit application will perform a comprehensive set of checks:
- Collect the individual’s personal information and validate that using a soft credit check, with an external party, to ensure the information provided is accurate and authentic.
- Generate two small deposits to send to the individual’s bank account and require them to input these two amounts to authenticate the individual has passed the KYC of another financial institution and the individual has access to the bank account for funding their payments.
- Collect a valid, government issued photo ID of the individual and manually validate the ID’ expiration date is valid and the information matches with what was used for the soft credit check.
- Collect politically exposed person (PEP) status from the individual to record in their profile.
- Enter the expiration date of the photo ID for each new individual so that the system will automatically lock accounts when IDs are expired to ensure current IDs are always part of the individual’s CIP.
- Greet the new individual to the service with a personal message for a final verification.
- Add new individuals to a list of new customers for a dual approval review.
- Apply special limit rules for the first 60 days to all new customers.
After the customer is enrolled and the KYC complete the individual will be subject to limit rules on volume and frequency along with several other business rules that support the compliance controls.
- Control limits for amount and frequency of payments. Control limit for sending to 1 or multiple beneficiaries parties.
- Control the number of financial accounts the individual can have on file.
- Receive automated alerts for unusual activity to monitor high volume customer accounts.
- Keep internal notes and comments as part of the individual customer profile on the SimpliRemit application to track and record any interaction or account reviews.
- Access on demand reports from the SimpliRemit Admin application for transaction and individual customer activity.
- To apply another level of compliance, you can have your transactions integrated into SimpliRisk and performed detailed transaction monitoring and individual risk rating. By combining SimpliRisk with SimpliRemit you get the strongest compliance backbone to meet the highest regulatory industry standards.
Take advantage of SimpliRemit’s experienced customer support team to provide the pre and post enrollment support for individual customers using the service. SimpliRemit can provide a turnkey retail customer support option using our highly trained call center for phone and online support.
Use SimpliRemit online non-receipt claim (NRC) system for secure messaging with the individual customer for any individual transaction. The SimpiRemit NRC system completely removes the middlemen from the process and allows the individual customer to communicate directly with the party responsible for making the payment to the beneficiary. The NRC system has been proven to significantly improve resolution times and customer experience, while having an easy to access documentation trail associated with each NRC claim and tied to a specific transaction.