1. Compliance Overview
Remit Connect operates a rigorous, risk-based Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) program. Our policies and compliance procedures are designed to protect the integrity of our cross-border routing network and prevent our platform from being utilized for money laundering, terrorist financing, or other financial crimes.
Our program is built to strictly align with the Financial Action Task Force (FATF) recommendations and the regulatory clearing mandates established by monetary authorities across the APAC region (including MAS, AUSTRAC, and HKMA).
2. Know Your Customer (KYC) Standards
As a B2B network routing layer, we operate on a "Know Your Customer's Customer" validation concept. Partner institutions initiating payouts via our APIs must represent and warrant that they carry out robust primary customer identification and verification procedures:
- Sender Verification: Verification of the ultimate source of funds, physical address, and government identification numbers.
- Beneficiary Verification: Full legal name matching, bank routing details, and matching clearing account numbers.
- Business Verification (KYB): Enhanced due diligence (EDD) for institutional clients, including identification of ultimate beneficial owners (UBOs) owning 25% or more.
3. Real-Time Sanctions Screening
Every single transaction passing through the Remit Connect B2B router is dynamically screened prior to domestic clearing submission. Our systems cross-reference both sender and beneficiary data against multiple global and local watchlists:
- United Nations Security Council Sanctions (UNSCS).
- Office of Foreign Assets Control (OFAC) Sanctions Lists.
- Monetary Authority of Singapore (MAS) and other APAC national watchlists.
- Politically Exposed Persons (PEPs) registries and adverse media tracking.
Any exact or high-probability matches are immediately blocked, placed in a compliance queue, and reported to the institutional partner's compliance desk.
4. Transaction Monitoring & Anomaly Detection
Our proprietary routing engine employs real-time anomaly detection heuristics to identify suspicious payment patterns. We monitor transaction payloads for:
- Structuring: Multiple transfers designed to remain just below reporting thresholds.
- Velocity Anomalies: A sudden spike in transaction count or total volume between specific corridors.
- High-Risk Corridors: Payout activity routing to unverified destinations or jurisdictions flagged for high AML risk profile.
5. Record Retention & Regulatory Reports
Remit Connect logs and safely archives all transaction metadata, API request logs, screening histories, and client verification reports for a minimum of 5 years (or longer, as defined by local APAC regulations). We actively coordinate with financial intelligence units (FIUs) and file Suspicious Transaction Reports (STRs) when transaction monitoring flags unresolvable suspicious activities.