Posts tagged "KYC"

Building the Right Compliance Culture – Everything Starts with Senior Leaders

March 4th, 2020 Posted by News 0 thoughts on “Building the Right Compliance Culture – Everything Starts with Senior Leaders”

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.

Developing technology and the commitment to fight against money laundering and fraud

February 18th, 2020 Posted by News 0 thoughts on “Developing technology and the commitment to fight against money laundering and fraud”

In the heavily regulated world of finance, the fight against money laundering and fraud continues to be a crucial element of the compliance process. We are in a new era, one in which the convergence of technology and data makes it possible for compliance and ethic procedures to pursue radically different ways of operating.

Marco Lavanna mission to fight financial fraud

Efforts to combat financial crime are pulled in different directions by the competing narratives of rapid socio-economic changes and global economic inequality. The rapid advance of technology, is forcing the financial institutions to adapt, innovate and to respond in a coherent way.

Multiple technologies are playing an important role in innovation.
Machine learning, a form of artificial intelligence that relies on mutable algorithms to identify previously unidentified patterns in bulk data, is proving to be one of the most fertile and the development of the field has improved the anti money laundering procedures. The algorithms have been applied to these new, integrated datasets for insight, massively improving the speed of pattern recognition, providing opportunities to better identify anomalous behaviors.

The introduction of new technologies is proving simpler for smaller and younger financial institutions, like Paytah is. We find it very effective and results oriented to work on the configuration of the new technology, partially because we adopt a more agile outlook. These technologies are having a significant positive impact on Customer Due Diligence, KYC and transaction monitoring. We are aware of the competitive implications of this level of development, however the human touch is still the major pillar in taking solid decisions when it comes to identifying fraudulent activities.

Finally, Paytah is designed to ensure payment safety, product quality and data integrity throughout the entire lifecycle of a regulated product. Additionally, in this exciting arena of regulatory compliance, Paytah has positioned itself as a catalyst for change.

Phoenix Payments Ltd | licensed by the MFSA as a Payment Institution | Company No. C77764 | Vision Exchange Building, Territorials Street, Zone1, Level 1, Central Business District, Birkirkara, CBD10170 | Malta

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