Regulatory Compliance

The MFSL team has accumulated a wealth of experience in the regulatory landscape. The team has provided guidance to the World Bank, International Monetary Fund and HM Treasury, understands the regulatory trends and can foresee pitfalls and opportunities in a changing market. In a climate where governments and regulatory bodies are clamping down on informal remittance providers, new Money Transfer Organisations have the opportunity to grab a share of this lucrative market. MFSL is in the unique position of having in depth knowledge of the informal remittance sector and the role of technology in improving the subscribers' experience while gathering enough data to ensure that MFSL complies with all regulatory requirements and fraud prevention measures, and actively seeks to ensure risk is mitigated both for itself and its customers. This includes the adherence to the third Anti-Money Laundering Directive and European Union Transfer of funds legislation, incorporating Customer Due-Diligence (i.e. KYC), data management and compliance (PCI DSS), transaction monitoring and treasury sanctions checking, and a dedicated Money Laundering Reporting Officer (MLRO).

The Payment Services Directive (PSD) creates a set of challenges that need to be overcome and in contrast MFSL has identified opportunities presented by PSD to be exploited. MFSL is currently evaluating the operational and financial implications of directly acquiring electronic banking and Electronic Money licenses.