WorldRemit: A Money Transfer Compliance Case Study

About WorldRemit

WorldRemit is an innovative online money transfer business enabling customers to send money to family and friends back home using a variety of payments options including debit cards and credit cards. Ismail Ahmed set up WorldRemit after more than 20 years’ experience in international money transfers as an academic researcher, compliance adviser for the United Nations and consultant for money transfer companies.

WorldRemit’s key market differentiator is that it offers completely safe and instant money transfer service options, with the added convenience of being able to initiate the transfer through any Internet-enabled computer. This feature eliminates the need for customers to visit an agent location, with a list of ID documents in tow and the inconvenience of queueing up to hand over cash.

With WorldRemit, customers can make money transfers safely from the privacy and convenience of their own home or office at any time of day or night. Funds are immediately available for collection or credited to bank or mobile accounts of the intended recipients.

"WorldRemit has redefined the way users execute money transfers securely over the Internet. Money transfer services are much in demand, with latest stats revealing that members of the African Diaspora officially send home up to $70 billion every year. We’re proud to support this upsurge by making the entire process safe, convenient and seamless." - CEO, WorldRemit

The Challenge

The main challenge faced by the founding team of World Remit, led by Ahmed who brought on board his extensive knowledge of anti-money laundering and customer due diligence processes, involved making the company’s service a viable online proposition.The company recognized that in order to deliver a compelling online customer experience they needed to implement global Know Your Customer (KYC) technology.

The founders also acknowledged the critical need to guard against the potential of card fraud and ID theft when senders remit money through the WorldRemit website. Based on the company’s service model, once customers process transactions from any internet based computer, funds are immediately available for collection.

Keeping in mind the 24/7 nature of the company’s service and their commitment to make money instantly available to recipients, the WorldRemit team recognized the business critical need to enforce watertight customer identification and fraud prevention tools and processes.

“The new AML regulations require money transfer businesses to carry out enhanced due diligence on non-face-to-face transactions and so merely a photo ID is no longer sufficient. 192business ID check technologies that have been incorporated into WorldRemit’s money transfer processes enable us to meet these stringent AML requirements and prevent card fraud."

The Solution

To ensure the most reliable user experience, WorldRemit partnered with 192business, a leading provider of identity verification solutions, to advise the company on how to leverage ID verification technology to improve customer experience, prevent card fraud and comply with local and international AML regulations.

WorldRemit uses several services from 192business, including the following...

 

  • Address Verification: enables senders to register on the WorldRemit site by entering only their house number & postcode to create the whole address instead of typing it in full
  • Identity Verification : checks customers’ identities to ensure that they are who they claim to be and that they’re not terrorists, money launderers, fraudsters or Politically Exposed Persons
  • Transaction Decisioning: helps make a decision on each customer transaction based on the risk posed by the identity characteristics and to accept customers according to local and global money
    laundering regulations.

For more information and a demo of our Money Transfer solutions, please complete the form here.