Categories: FinanceNews

Money Router Brings A New AML Solution To The Financial Sector

Tackling money laundering is quickly becoming a tp priority in the financial sector today. Doing so is much harder than anticipated, however. Money Router is a new instant verification system that should be able to thwart money laundering. If more institutions used a distributed ledger, money laundering wouldn’t be such an issue, to begin with.

Money Router Packs Quite The Punch

The way Money Router works is simple: it offers a measure of risk governing to banks and money service businesses. The solution is proactive and effective in the fight against money laundering. For now, this concept will only roll out in London in the next few weeks.

Money Router strengthens the safety of global payments and gives banks the toolset to carry out risk-assesses due diligence on their own. Financial institutions can set their own internal controls according to AML and CTF regulations. Finding suspicious transactions in real-time is a challenging task. Money Router provides instant alerts for suspicious activities, which decreases the bank’s potential vulnerability to a money laundering threat.

Two other key points of focus are data sharing and collaboration. All users of the Money Router software will have a better understanding of where the funds came from and how it got there. Ina way, this all sounds like a

blockchain solution without using distributed ledger technology.



Related Post

For money service businesses, Money Router could be a lifesaver. Over the past year, quite a few MSBs have seen their bank accounts being closed due to their potential role in money laundering efforts. This trend was mainly noticeable in the US and the United Kingdom since 2012.

For now, specifics regarding the underpinning technology used by Money Router remain shrouded in mystery. It certainly gives off a big “blockchain” vibe, due to these real-time tracking and information sharing capabilities. Only time will tell how this software works, and we will know more once it launches come September 2016.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

1 hour ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

2 hours ago

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

10 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

10 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

10 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

10 hours ago