A Guide to Anti-Money Laundering for Crypto Firms
IPT Africa is a regulated payment provider providing clients with the ability to manage and deliver payments from a single interface throughout the African continent. Covering all African currencies,in real time with full transparency on pricing and multiple delivery channels IPT offer a unique proposition for Corporate entities with African payment requirements.
Product: Customer Screening & Monitoring (CSOM)
IPT Africa, a Mauritius-based firm, partners with and provides services to companies located around the globe. They must comply with the regulations of several jurisdictions — and their compliance processes must be flexible and robust enough to adapt to regulatory changes as they happen. IPT Africa’s compliance team also handles a significant amount of data and found themselves hindered by a high number of false positives, which meant their team needed to expend a lot of manual effort when checking for risk.
IPT Africa benchmarked different AML vendors and took on board recommendations from clients and liquidity providers to ensure that their chosen provider would perfectly match their requirements. They selected ComplyAdvantage as their AML provider because their solutions offered real-time, automated insights and had a clear advantage over the market incumbents, whose solutions had become static and could not deal with ever-changing global regulations.
IPT Africa’s use of the ComplyAdvantage platform enables them to efficiently screen and monitor prospective customers and current ones for risk against sanctions and watchlists, PEPs, and adverse media data. In partnering with ComplyAdvantage, IPT Africa has been able to move away from delayed flat file uploads and instead has configured automated monitoring. Their team can screen and monitor against real-time data so that they can be the first to know about critical changes in risk status. ComplyAdvantage’s solution also allows IPT Africa to ensure full regulatory compliance across all jurisdictions.
IPT Africa’s compliance team can now make informed decisions about client risk, escalate potential high-risk cases and take actions in real time, which ultimately shortens the time it takes to onboard new customers. False positives have also been reduced by 60%, dramatically reducing manual efforts and, therefore, freeing up time for their team to focus on other aspects of the business to scale the company.
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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