Frequently asked questions
Some questions we usually get during the demos - hopefully they will help.
Anti Money Laundering (AML) is in all aspect made for a purpose of controlling, measuring and recognizing patterns. The question is usually Why(?); foul play, drug trafficking and avoiding traceable trails of money for criminal reasons is the reason.
If all exchange offices, remittance agencies follow rules and regulations around AML with a system that offers 100 % transparency. You can easily prove that by following the pillars of AML you are worthy of transferrin money.
There is no secret that traditional banks have restricted bank accounts, (or even shut accounts down) for remittance and exchange offices that can't show transparency and an approved compliance process which they follow to the letter.
A compliance process is needed for every country you are active within, digital ID can differ between countries and some don't have them yet. It is important to have a process per country that a system can adjust to, a system like Tango is there to help your clients follow the rules.
The compliance documents and processes comes from your compliance officer, they are carefully planned for each country and approved one-by-one.
Tango then helps force the process to stream line your endusers. They have to follow the pre-determined rules.
Tango receives a basic set of settings from us before you start using it. Tango will define lowest and highest amounts to send, all set prices, variable prices and other types of currency manipulation you might need for volatile markets.
Tango basically keeps track of how your end users behave, it doesn't matter if your clients pay over disk or over the internet, the tool is there to help and you keep submitting data to it.
We are simply mimicking the behavior of a local supermarket, the personnel you have working for you simply punch the numbers into Tango and the end-user will be charged/billed accordingly. Tango doesn't only count for your staff and help them. Tango also controls the behavior of your end-users by flagging suspicious usage.
Example being sending high amounts, or more often then usual. For exchange offices it can simply be a matter of mapping the behavior in a traditional non digital world. Tango helps with the limits, helps your staff calculate correctly, it helps you to report to your banks financial governing. Whomever wants your reports. Tango helps your clients to onboard themselves with little help from your staff.
That is where we draw the line. To solve the flags raised by Tango is up to you, to request that information from the end user is part of being compliant. When a flag warning is set off it is up to your staff and compliance/risk officers to assess the threat of the raised flag. Usually you simply ask for more information or decline the deal/remittance/exchange.
If Tango is set up/used right, you and your staff will get all the necessary information available to you to stay compliant, avoid money laundering and stay safe.
We sell Tango to organizations with valid certificates to conduct remittance transfers, payments and exchange offices.
The companies that use Tango offer their services to end-users sending money cross borders. Those end-users can be companies or private persons alike, recently the refugee segment has been very popular which puts an even higher (highest even) demand on AML and strict compliance procedure.
Basically sending money to loved ones is OK, doing it without making sure it is so is not.
Tango and your website should be your own brand, we help with that. However the design and unique set up of a remittance system is limited, we and you must still follow international law while providing your end-users with a user experience.
Yes, you can look different but you can not skip steps of your compliance or getting to know your customer.
Tango is bought as a life long license to use it, Tango needs to be maintained by her creators. No charges is added for the business you perform on Tango, in terms of amount of clients or the size of your transactions.
Adding integrations is done by Tangos Integration Team.
Support and SLA is handled by the Tangos Support/Regulatory Team. Hosting solution for Tango is provided and configured by us as well.
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