As a certified VAT service provider, eClear is responsible for ensuring that all transactions are screened for AML compliance risks, so that no sanctioned entity or individual can illegally launder funds using eClear services.
Customers requiring this type of service generally need to sign up to multiple providers which increases complexity, time to integrate and cost. A seamless integration with Fraugster provides instant access without these drawbacks.
AML is a type of financial crime that not only exposes companies' balance sheets, but also their reputations and long-term profitability in the form of multi million Euro fines, and even a loss in operating licence, as the company press release explains.
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