A money transfer business bears the entire responsibility of sending money overseas in a safe and secure manner. The business has to implement measures that safeguard each transaction from any fraudulent activity; the business has to incorporate the policies and procedures as stipulated by financial institutions and other governing bodies.

Compliance protocol is the foundation stone upon which all the services should be built to prevent any fraud or misuse of services. Every money transfer business should adhere to the following:

  • AML and Compliance Software
  • Money Transfer systems globally offer a host of sophisticated and robust features such as Know Your Customer (KYC), Anti Money Laundering (AML), Sanctions Screening, integration with third-party verifiers, transaction monitoring and Suspicious Activity Reporting (SAR). These features are responsible for ensuring that all regulations and protocols are being met while the money is transferred from the sender to the receiver.

  • Reporting and Collating Data
  • Tracking individual transactions through every step of the money transfer is vital; maintaining a detailed and presentable report that paints a clear and concise picture for the financial authorities to survey is crucial.

  • Risk and Fraud Management
  • Risk Management is not limited to only putting out fires when they are raging; Risk Management is proactively assessing and identifying potential threats and then nullifying the threats effectively. After identifying the danger, the money transfer business applies the necessary controls and stringent procedures to rectify the threat.

  • Regular Compliance Testing
  • The money transfer business has to review and regularly update the compliance protocols that are put in place. Annual audits spread throughout the year can significantly improve the compliance standards. These audits should also involve reputed and highly trusted third-party auditors who can give a macroscopic view of the compliance protocols.

  • Training
  • Client-facing employees in the organisation have to be trained and brought up to speed with the latest AML and compliance protocols in the market. The members of the staff that interact with clients or handle the minute details involved in a transaction regularly have to be put through the proper training courses that will equip them with the right tools to manage any misgivings if and when they are exposed to it.

  • Hiring a presiding officer
  • All money transfer businesses must have a dedicated officer in charge of handling all compliance-related activities within the organisation. The size of the business dictates the number of personnel required in the compliance team. The office of compliance acts as a barrier and safeguards the business from any fraudulent activity. The department also is responsible for empowering the executives in charge of the company with the minimum knowledge required to tackle minor compliance breaches.

In conclusion, compliance is a journey and never the finished product. A sound compliance protocol is more of a practice rather than a one-off exercise. Compliance protects the business from any fraudulent activity that could hamper its business operation and also builds trust among the customer base.

There are various money transfer providers available in the market who provide international money transfer services, but not everyone follows the necessary compliance protocols.

RemitAll Software is loaded with a robust compliance mechanism that sources data from trusted sources such as the European Union (EU) sanctions list, Her Majesty (HM) Treasury, Office of Foreign Assets Control (OFAC), Searching for subjects of sanctions (SECO). United Nations Security Council (UNSC) to ensure that an online remittance business is compliant with all the necessary regulations. To know more, please get in touch with us at

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Abhra Paul

An ex-developer with a passion for writing. Skilled in Copywriting, Feature Writing, Social Media Posts. Started working as a content writer after spending 2 years with a tech giant as a software developer.