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Why is compliance relevant in the remittance industry?

Remittance industry flourishes with international money transfers rising up on every single day. Along with the rise of overseas money transfers, a stringent regulatory system must be present to monitor and control the money dealings.

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Why is compliance relevant in the remittance industry?

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  1. Why is compliance relevant in the remittance industry?

  2. INTRODUCTION

  3. Remittance industry flourishes with international money transfers rising up on every single day. Along with the rise of overseas money transfers, a stringent regulatory system must be present to monitor and control the money dealings. The digital transformation of the remittance industry facilitated faster and convenient money transfers through websites and mobile apps, but significantly increased the risks of cybercrimes, money laundering and terrorism funding.

  4. Thus, online money transfer agency must elevate themselves with matured compliance models adhering to the legal rules and regulations of the higher authorities. Safety and security of the money sent, customer data etc. need to stay as the first priority of all money transaction agencies. A proper compliance auditing system is a must-have in the remittance industry.

  5. Digital mediums indeed offer notable technologies for compliance, such as: Automated identification Real-time transaction scanning Data analytics Data enrichment Automated identification is one of the rising trends in online remittance transactions, as the service providers are not meeting the clients in person resulting in higher risks of identity theft and frauds.

  6. In this digital world, where physical presence has become irrelevant, there are technological solutions of knowing your customers (KYC), such as biometrics verification and facial recognition, which are in the stage of experimentation, soon to enter the field of financial services for advanced automated identification of the customers.

  7. It is true to the course that technologies have increased the risk of cybercrimes yet, it is also notable that technologies offer varied alternative solutions to maintain and regulate high-standards of compliance through digital ways. The best online money transfer in Australia has advanced compliance models to ensure safe money transfers from the sender to the receiver in a whole other country.

  8. THANK YOU

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