As a financial institution, Paytah is committed to operating in compliance with laws, standards, and rules and is continually working to meet these standards. As it has mentioned several times by now in its communications, Paytah continues to work on the global ‘know your customer'(KYC) procedures and measures, which emphasize regulatory compliance as the key priority. Paytah’s global compliance program encompasses all client segments leveraging on experiences from the KYC and AML program that started two years ago when it opened the doors for business.

As a gatekeeper of the financial system, Paytah set up a central KYC organization to develop consistent processes, work instructions and responsibilities across all units.

The development and rollout of KYC communication has been supported by the setup of a behavioral risk department that performs risk assessments. Senior leaders spent a considerable amount of time engaging with staff to explain and discuss responsibility as a protector of the financial system. In addition, the compliance department is supported by a team trained to detect high-risk behaviors and intervene when needed.

Culture-driven change is an on-going process, as Paytah is striving to not only improving processes and procedures but are building the right compliance culture.

Everything starts with Paytah’s senior leaders, as Founder Marco Lavanna explains: “We are on a mission to make payments simpler across the banking spectrum, but the main goal is to do it the right way. As a financial institution, we are under the obligation to ensure that our operations meet the highest standards, especially when it comes to preventing individuals from misusing the financial system. This starts with our upper management that makes sure each day to have an impact not only on the minds but also the hearts of the Paytah members.”

About Paytah Payment Solutions

Paytah Payment Solutions (Phoenix Payments Ltd) is a fully licensed financial institution regulated by the Malta Financial Services Authority (MFSA). It has passported its activity to all 28 EU and EEA member states. PAYTAH operates under the legal framework of the European Payment Services Directive established to provide safer and more innovative payment services across the EU.