Compliance Solution for Electronic Money Transfer Provider

Eastern European Electronic Money Institution


The company: The client is a newly established company in Eastern Europe, which recently acquired an electronic money institution license by the Bank of Lithuania.


Problem: Being a provider of electronic money transfers, the organisation was facing the same regulatory requirements as any other financial institution or bank. As such, it was looking for a KYC solution that would ensure full compliance with local regulations while offering the flexibility necessary to scale from a soft introduction to their controlled community to an extended launch to the general public.


Action: The first step was for the Know Your Customer team to perform the due diligence necessary to unveil the client’s specific requirements. These included the mapping of regulations specific to the region in which the client operated, as well as an exploration of how the partnership with KYC would be beneficial to internal stakeholders. Finally, KYC’s and the client’s teams worked closely together to tailor a solution that would deliver a seamless and efficient customer journey to the client’s end users.


Result: Know Your Customer developed a full customer branded solution for the client, with a custom end user flow which included emails and SMS templates based on the client’s specific requirements.  KYC’s automated screenings were integrated with a manual intervention service which effectively provides a four-eye approach to guarantee the accuracy of the information returned by the end users. Finally, the client was granted extended access to Know Your Customer’s business rule engine, effectively creating a self-service tool with configurable alerts, AML case refresh and on-going monitoring to mirror internal risk policies. As a result, the client was able to meet all regulatory requirements in a very short period of time, while gaining access to a truly elastic KYC solution perfect to accompany all the phases of their fast business growth.

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