Transfer Galaxy begins partnership with Acuminor to comply with the anti-financial crime regulations
Every day, money laundering, terrorist financing and sanctions violations pose a massive threat towards safety and security and affect millions of people across the world. The revenue of criminal activities in the world is estimated to several billion euros annually (Europol, 2020). As a result, millions of human lives are being negatively affected every year.
Society needs help to stop the criminals, which has led to new strict anti-financial crime regulations that affect hundreds of thousands of companies worldwide.
To fight financial crime, a company’s risk assessment is vital. It gives an indication of how the company services can be misused by criminals and identify the risk level. Based on the result of the risk assessment, mitigating actions such as know your customers, training etc. can be allocated efficiently.
By understanding how criminals misuse financial institutions, actions can be taken to stop the criminal activities occurring at all. Systems and controls need to be in place, to reflect the relevant risks that can originate from customer types, products misused, transactional patterns, channels the criminals use and high-risk geographies.
The Swedish risk analysis company Acuminor collects information on criminal methods from hundreds of sources across the world and the result is delivered digitally through Acuminor’s solution.
Transfer Galaxy has selected Acuminor’s cloud-based analysis platform, Risk Assessment Pro, to ensure they have a complete coverage of the threats and risks they are facing within their operations. Acuminor’s continuously updated financial crime threat intelligence will structure and automate the way Transfer Galaxy gather and analyze insights and reports related to criminal activity, which will improve the quality of the risk assessment and reduce the resources needed.
– Our service gives our customers the opportunity to send much needed money abroad smoothly and safely, and we need effective ways to identify the minority of potential users who wants to use our services for possible illegal activity, says Martina Etemad, CLO at Transfer Galaxy.
Financial services is a high-risk business area and Transfer Galaxy is dedicated to ensuring they have a robust financial crime framework in order to comply with the anti-financial crime regulations.
– As we are growing fast, we want to make sure that we have a safe, secure, and scalable process for our risk assessment, says Martina Etemad.
Acuminor’s CEO Martin Nordh: – We are dedicated to helping organisations such as Transfer Galaxy to achieve their goals and objectives towards sustainable improvements of their risk assessments and anti-financial crime frameworks. We are delighted that Transfer Galaxy has put its trust in Acuminor to be a partner in the fight against financial crime.
About Transfer Galaxy
Transfer Galaxy is trying to make the world a little bit fairer by democratizing international payments and making remittances cheaper, safer and smarter. With the help of technology, Transfer Galaxy can transfer monies to the other side of the world within seconds. Straight to a mobile wallet. Supporting loved ones far away has never been easier.
About Acuminor
The methods used by criminals is constantly evolving and each organisation faces different risks as a result. With help of expertise and powerful techonology, Acuminor’s risk analysis platform provides unique insights into threats and risks from money laundering, terrorist financing and sanction violations. This enables you to know your risks and reduce them before it’s too late.
For more information please contact us at relations@acuminor.com