Fraugster partners with eClear to tackle AML risk for VAT service

Tuesday 14 September 2021 16:41 CET | News

Fraugster, a Germany-based payment security company, has partnered with VAT service provider eClear to offer customers access to regulatory requirements and mitigate AML risks for VAT services.

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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Keywords: partnership, cybersecurity, AML, transactions , regulation
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Germany
This article is part of category

Securing Transactions