Joining forces against money laundering
Web Shield, a leading RegTech company with a global customer base in the card payments industry, has entered into a long-term partnership with Fintact, a German AML/KYC compliance start-up.
"It was a natural fit," said David Korherr, Fintact's Director. "Web Shield has almost a decade of experience in the market. Combined with their suite of automated online research tools, our innovative real-time access to company registers makes proper AML compliance quick and easy for everybody."
"We are glad that our tools are now accessible to a broader audience outside of the payment industry," said Christian Chmiel, CEO and Founder of Web Shield. "At the same time, we are excited to improve our merchant underwriting and monitoring platform with instant access to company documents, powered by Fintact."
Fintact has recently launched their Versatile Customer Underwriting (VCU) SaaS solution. It allows businesses like notaries, real estate agents and insurers to comply with anti-money laundering (AML) obligations and Know Your Customer (KYC) rules by automatically accessing corporate documents, identifying ultimate beneficial owners (UBOs) and checking all involved parties against sanctions lists, politically exposed persons (PEP) lists and adverse media lists.
Web Shield technologies integrated into Fintact's VCU include AddressReveal, which helps to identify virtual addresses as well as their tried and tested background research module that combs the internet for any signs of fraud, customer complaints or other red flags relating to a person or company.
The two companies will continue to collaborate in the future to bring their customers the best possible solutions.
Web Shield
Web Shield, founded in 2011, is a leading RegTech company offering real-time on-boarding and risk-based monitoring solutions. As the trusted partner of international players in the field of merchant acquiring and payment processing, we assist our clients by enabling exceptionally fast on-boarding and compliance in an increasingly complex regulatory landscape.
The modular design of our high-end SaaS solutions can be adapted to an organisation's individual risk appetite and compliance requirements. They give you security when it comes to protecting yourself from fraudulent merchants and dubious businesses.
Web Shield is an official Mastercard Merchant Monitoring Service Provider, which means that Principal Members can expect assessment mitigation when they use and register our solutions.
With the Web Shield Academy, we operate an educational program for underwriters that is unique in the industry and since 2017, we organise RiskConnect, the annual Networking Conference for anti-fraud, compliance and risk professionals to encourage cooperation across the industry.
Fintact
At Fintact, we are passionate about enabling our clients to enter into business relationships they can trust. Our platform delivers fast and reliable results so you can confidently grow your client relationships in the knowledge that you have the complete picture and are compliant with AML and KYC legislation.
Our guiding philosophy is simple: even the best AML solution in the world doesn't keep you safe if the people who use it don't understand how it works. That's why we are constantly striving to make our software as accessible as possible while maintaining its ability to handle even the most complex investigations.
