FINTRAIL reviews fraud controls for a global money transfer business to help facilitate their expansion
Context
FINTRAIL was engaged by a cross-border money transfer business that focuses on offering online banking services to migrants worldwide. The firm wanted FINTRAIL to conduct a review of its fraud controls and provide recommendations for suggested programme enhancements to help the client scale safely.
Solution
FINTRAIL conducted a desktop review of the client’s financial crime documentation and held a series of workshops to understand the firm’s specific fraud risks and fraud-related controls.
Our final report made observations on areas of good practice and provided actionable recommendations for areas of improvement by theme (onboarding controls, transaction monitoring, risks, governance). These included implementing a customer risk assessment methodology that reflects fraud risk; defining a fraud-specific risk appetite; scaling governance and oversight operations in line with business growth, technical enhancements to the onboarding process, and new inputs into the transaction monitoring system.
Outcome
✓ The client was able to benchmark its current controls against best practice and to identify areas for improvement and new technical capabilities to enforce the key control areas of onboarding and transaction monitoring.
✓ The client was able to gain reassurance surrounding its existing controls and risk level, giving it the confidence to consider moving forward with its expansion plans.
Why FINTRAIL?
FINTRAIL bridges the spheres of conventional banking and FinTech, and incorporates the strengths of each in our projects. Our breadth of work and network with leading financial innovators is unparalleled, as we have assisted some of the world's leading FinTechs operating across six continents.
We design nuanced, bespoke programmes based on each client’s specific offerings, customer base, and risk profiles to avoid overly simple solutions or generalisations, and we challenge conventional wisdom to identify meaningful ways to assess risk and design effective processes.
We promote the use of technology and data, and leverage compliance innovations and products that maximise efficiencies and effective risk management controls.