Money Transfer Programs

SimpliRisk allows you to monitor your money transfer or money remittance program with specific transaction alerts, risk rating and customer due diligence tools.  Using SimpliRisk you can setup different profiles for each geographies to perform risk rating specific to the characteristics of the originating country.  SimpliRisk will give you the insight and analysis to make informed compliance decisions around suspicious transaction reporting, fraud, anti-money laundering, and other high risk transaction beahviors.  SimpliRisk will allow you to know your customer and monitor their behavior within the parameters that you consider normal. 

There are some unique characteristics with money transfers, such as frequency, amount, payout mode, and many others.  We have significant experience in the money transfer business to help ensure your program is highly effective.   With the new regulation E rules under the Dodd Frank legislation along with the continued focus from regulators on the outbound money transfer market, it is the perfect time to have a better view of risk specific to your money transfer activity. Your next regulatory audit will be much easier and quicker when you show the insigh, analysis and controls provided by SimpliRisk as part of your risk management program.

Our model is built around these primary concepts: 1) create a risk score for each customer based on a set of criteria specific to money transfer defined and managed by you 2) set rules that will trigger proactive alerts to support an immediate investigation 3) give you a 360 degree view of each customer with transaction history, beneficiaries lists, transaction trends, alert history and risk rating history 4) provide you with the tools to record your due diligence notes within an application specific to compliance users and access the reports needed to have insight into your customer's behavior. 

Outbound Money Transfer

We recognize that money remittances have unique characteristics and for many financial institutions these services are a value added component of the overall customer relationship. Because money transfer is often times viewed with additional scrutiny from auditors and regulators, it is important to have a tool that can assign and monitor risk specific to all money transfer services you offer. At SimpliRisk we’ve created the tool that makes it easy to implement a risk management program specific to money remittance. We focus on high value reporting and affordability to address the unique needs to this market balanced against the relative importance of the product within a financial institution. We understand that if your risk management program needs to be affordable within the context of your money remittance business model. That is why we designed a service so you can sign up, build your risk model, select alerts within an hour and start using the service without extensive training or additional personnel.

Just like your money transfer program, SimpliRisk makes managing risk easy. Our goal is to give you the comfort and confidence that you have the reporting and controls to effectively manage the risk of your program with respect to AML, SAR and CTR requirements. With SimpliRisk you’ll never worry about a regulatory review or internal audit again, you will have the tools to demonstrate complete awareness and proper risk rating of each program.