AML laws for payment aggregators have changed! 2023 requirements by RBI for payment aggregators now make it mandatory to: - Develop and timely update KYC - Conduct thorough due diligence and risk assessment of the merchants they onboard - Develop Customer Acceptance policies Monitor large transactions and submit transaction-related data to regulatory authorities as per the prescribed timelines and formats. Keep and make available all customer information held with them. Adherence to other AML and #counter-terrorism financing measures Non-compliance with the new #regulations may lead to heavy penalties. To avoid the fines, payment aggregators are forced to make significant changes to their operations. But for many of them these changes bring risks and expenses. Majority of #AML related solutions have long implementation time and require programming professionals to install and operate them. Large volume of false positive alerts also forces businesses to spend on the investigation teams. This is where Effiya solution can help you comply with ease: Quick implementation User interface for full control that doesn’t require programming skills AI engine to reduce false positives. For a demo, do email us on info@effiya.com
Effiya Technology
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Payment aggregators

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