AML Compliance for Payment Services - Case Study

This case study was prepared for Payguru, a payment service. This case study mentioned how the Sanction Scanner prevents the risks of Payguru in the onboarding process and reduces the risks of money laundering and terrorist financing by checking local and international listings. To access the full Case Study, please fill out the form below.


About Payguru

Payguru is the Innovative FinTech Solutions for Global Industry payment service. Payguru mainly offers two services: Cash Payment and Bank Transfer and the other is Mobile Payment. Founded in 2015, Paygur is the first licensed mobile payment provider offering mobile payment services in Turkey.

 

Payguru aims to provide its traders with stable, permanent, and healthy financial growth by offering a competitive advantage. Payguru was acquired in 2020 by TPAY MOBILE, the leading mobile payment provider of the Middle East and Africa (MEA). With this acquisition, both companies aim to reach a much wider geography, enrich different payment solutions and platforms that provide advantages to end-users and member businesses.

Payment Services Providers and AML

Cash payments and bank transfers are solutions used by real people for payments to organizations. These solutions provide merchants to receive payments from ATMs, the Internet, or a physical branch. Besides, customers who do not have bank customers or do not want to use credit cards can shop with these systems.


These facilities of the system also increase bank transfer transactions. For example, according to the World Bank's statements, the total bank transfer sent in 2016 is over 530 billion dollars, and since 2000, bank transfer transactions have grown 10.4% in CAGR.


Payguru, a payment service, provides cash payment and bank transfer solutions to its member merchants. One of the money laundering methods faced in the world is money laundering through merchants. Due to money laundering risks, Payguru is under AML liability and has to ensure AML compliance. Therefore, to reduce the risks of money laundering and terrorist financing, payment service providers such as Payguru are required to conduct a risk assessment with KYC and CDD procedures during their recruitment process. As a result, Payguru chose Sanction Scanner AML solutions to fulfill AML's responsibility to ensure AML compatibility.


"With Sanction Scanner, we reduce the risks of money laundering and terrorist financing by controlling on local and international lists also to avoid risks during our onboarding process."


Onur Ergüney / Board Member at Payguru

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