Modulr goes live with AML Transaction Monitoring solution from Trapets AB
London – November 2019
Trapets AB, a global provider of Anti-Money Laundering and Trade Surveillance solutions, today announces that Modulr, the Payments-as-a-Service API platform, has successfully implemented InstantWatch AML, its automated risk-based AML system.
Having selected Trapets AB’s InstantWatch solution, Modulr is already benefiting from real-time identification of potential cases of money laundering across its payment operations. Moreover, Modulr now has all the data and tools to investigate these cases immediately and manage potential money laundering using the automatic and holistic risk-based approach that InstantWatch offers. Risks are calculated using a weighted risk model that is extremely configurable in order to support Modulr’s type of businesses.
Such is the level of automation within the solution that InstantWatch incorporates a whole library of early warning alerts that facilitate detection of possible instances of money laundering. There are alert triggers that cover amounts, number of transactions, specific patterns, the consideration of clients’ historical patterns, calculating individual thresholds per customer or account, considering the risk of a customer/account etc. All alert triggers define a scope of what to monitor. An example of scope is which customers, accounts or transaction types should be monitored.
Martin Threakall, Chief Operating Officer at Modulr, said: “In our bid to become the world’s leading digital alternative for wholesale and commercial payments, the transaction volumes that run through our systems are ever increasing. Therefore the automation of transaction monitoring using the Trapets InstantWatch AML system is essential for us. We have also benefited from Trapets’ expertise in this area to ensure we are using best practice and providing industry leading services.”
Gunnar Wexell, Chairman at Trapets AB, said: “We are delighted to have delivered our InstantWatch AML Transaction monitoring service to Modulr. The fact that Modulr and many other businesses globally are now using our technology to adopt a risk-based approach to fighting money laundering means that they are employing best practice in the eyes of regulatory bodies around the world”.
About Trapets AB
Trapets AB is Sweden’s leading provider of market leading AML, CDD, KYC and Trading Surveillance solutions and associated technologies. The company offers exemplary advice on the ‘best fit’ compliance solutions for financial businesses accompanied by fully project managed implementation, consultancy and maintenance services. Professional services range from assistance in implementing compliance monitoring and advanced analytics programs to fully outsourced trade surveillance.
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Once integrated, businesses can instantly set up as many accounts as they need. Getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7 through their existing software applications.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.