iSignthis shares its Annual Risk Classification of Customers
iSignthis Ltd (ASX: ISX|DE: TA8)(“the Company”) is required under European Anti Money Laundering Regulation to classify its customers by risk levels (low, medium or high-risk) for its wholly-owned, prudentially regulated electronic-money services subsidiary, iSignthis eMoney Ltd.
These classifications of active business/corporate customers are reported to the Central Bank of Cyprus (“CBC”) on a monthly basis.
Only 13 out of 226 (or less than 6%) of ISX’s active/approved customers are reported as being “high-risk”, per the classification requirements defined under the 4th Anti Money Laundering Directive EC 2015/849 Annex II and III1.
“Managing high-risk customers has become increasingly complex and challenging,” said Chief Executive Officer John Karantzis. “iSignthis has committed resources and the know-how over the last four years to build a state-of-the-art payment, identity, and banking platform from the ground up. This ensures that iSignthis and its customers meet their regulatory requirements.”
“Paydentity™ and ISXPay® are scalable and sophisticated platforms that allow the Company not only to meet compliance obligations and manage its high-risk and regulated customers but also benefit our customers to mitigate their own fraud and anti-money laundering risks while meeting their respective compliance obligations.“
Paydentity™ features an integrated and inbuilt real-time transactional screening for any politically-exposed person, sanctioned person, or person on a law enforcement and/or sex offender watchlist, together with an adverse media screen.
The technology that iSignthis has developed (and certified by a third-party) for its own use, is also now available to other banks, financial technology (“fintech”) and financial service providers as Software as a Service (“SaaS”) under the Company’s Probanx™ suite of solutions. ISX’s Probanx™ Core banking and Probanx CardPay platform complies with PCI DSS, ISO27001, APRA CPS234, EC PSD2, and EBA Cloud Banking requirements, with transactional processing capability based upon ISO22002 and ISO8583 standards.
Probanx™ CorePlus has now deployed to more than 25 other monetary financial institutions globally, and we can see a steady growth on the list of banks, credit unions, non-bank lendings and payment service providers that are using iSignthis® Probanx™ solutions.
This announcement has been authorised by the Company’s Managing Director and CFO/Company Secretary.
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