Digital Money Transfer and AML Compliance.

Digital Money Transfer and AML Compliance. 

 

Sending money across borders has been an exhausting and expensive task that involves a chain of middlemen, hidden charges, heavy fees, and paperwork. “Cash is the king” is an overstatement that kept people stuck to traditional methods of sending money.

But no more with digital solutions that have enabled individuals and businesses to transfer money abroad faster and cheaper. That’s why the transaction value of digital remittance is projected to reach a whopping $153,360 million in 2023.

Here is how digital money transfers or cross-border transfers have made sending and receiving money easier for your customers.

Mobile to Mobile Money (M2M) Transfer - Whether your customers want to send money to their family or a remote employee, the M2M transfer allows them to transfer funds from a mobile phone. Receivers get the remittance in their mobile wallet accounts.

Mobile to Bank (M2B) Transfer - The receiver doesn’t have a mobile wallet account? M2B or bank wire transfer lets one send remittances from mobile wallets to the receiver’s bank account. M2B digital transfer can be done via direct API integrations or using a third-party switch that supports international transfers.

Mobile to Cash (M2C) Transfer - Even if the receiver doesn’t have a mobile account or bank account, your customers can send money via their mobile number. The receiver can collect the money from a nearby international money transfer partner.

… And these are just some of the many payment service options enabling digital cross-border transfers.

Safest Ways to Do Cross-Border Transfers

When we talk about digital transfers or cross-border transfers, money transfer operators (MTO) have an important role to play. MTOs are financial companies that facilitate cross-border money transfers through their internal system or third-party international banking network.

Thus, enabling customers to send money across the globe in just a few clicks.

However, consumers want to be very careful when choosing an MTO partner.

That’s why you must make sure that your MTO remittance company is licensed and authorized.

Since money transfer is a sensitive matter, regulations ensure that transactions don’t serve money laundering purposes or terrorist financing. If you’re a digital MTO remittance company, you must get your business in compliance with digital regulations such as know-your-customer (KYC), know-your-business (KYB), anti-terrorist financing (ATF), and anti-money laundering (AML) procedures.

Compliant Your Online Remittance Business with Tango

Tango is a powerful remittance software for Money Service Businesses (MSBs, MTOs) that provides a white-labelled solution with your brand logos and colours while operating in the background. The software provides you with safe, secure, and responsive websites and mobile apps so that you can efficiently communicate and pass documents to stay compliant with rules and regulations.

Tango AML is designed to ensure regulatory compliance with your financial license, inbound and outbound payment providers, and technical integrations.

Some unique features of the software are:

1.  Anti-money laundering (AML) blacklist integrations with pattern recognition

2. Third-party integrations for cross-border transfers

3. Efficient customer relation management (CRM) solutions

4. Reports and analytics to track progress and make improvements

5. Tie your KYC protocols in one place with Tango’s ID source

6. Both inbound and outbound payment options

7. Secure and safe data storing

Request a Tango demo now and make your remittance business more secure and credible.