Category: AML & CFT

Anything that moves fast needs checks to stay stable. 

Financial systems are no different. Without built-in friction, bad money flows just as easily as good money. 

That’s what AML registration solves. It slows things down just enough to make illegal activity harder and accountability easier.

In the UAE, this isn’t optional for certain businesses. If you operate in sectors like real estate, precious metals, crypto, or professional services, you’re expected to register, report, and stay alert. 

If you want to do AML registration in UAE, grab a cuppa coffee, and let’s go through the entire process, step-by-step.

Understanding AML Registration

AML registration is basically your business getting on record with the UAE government to say you’re following anti-money laundering rules. 

In the UAE, AML registration is overseen by the Financial Intelligence Unit (FIU), which runs the goAML platform. Depending on your business type, you might also deal with other authorities like the Central Bank, Ministry of Economy, or Dubai Financial Services Authority. 

These bodies make sure you’re not just registered but also actually doing what’s required, like appointing a compliance officer, setting up internal checks, and staying alert to suspicious activity.

Who Must Register for AML in the UAE?

Not every business needs to go through AML registration, but if you deal with money, high-value assets, or client trust, there’s a good chance you’re on the list. 

The UAE has clearly defined which sectors are considered high-risk for money laundering or terrorism financing, and these are the ones that need to register on the goAML portal and follow AML rules.

Category	Examples
Financial Institutions (FIs)	Banks, insurance companies, exchange houses
Real Estate Sector	Brokers, developers, and agents involved in property transactions
Dealers in Precious Metals and Stones (DPMS)	Jewelry businesses, gold, and diamond dealers
Virtual Asset Service Providers (VASPs)	Crypto exchanges, digital wallet providers
Corporate Service Providers	Businesses offering company formation, nominee director services
Legal Professionals	Law firms, notaries (if engaged in financial or asset transactions)
Accounting and Audit Firms	Accountants, auditors, tax advisors

Even if your business doesn’t handle cash directly, offering services that can be used to hide or move money puts you on the radar. If you’re in doubt, it’s safer to assume registration is needed and verify with a compliance expert.

Step-by-Step Guide to the AML Registration Process

Whether you’re setting this up for the first time or helping someone else do it, here’s exactly how it unfolds. The typical AML registration process has seven steps:

Step 1 – Confirm if Registration Applies to Your Business: Start by checking if your company falls under any of the regulated categories from the above table (double-check with a compliance officer). If yes, registration isn’t optional.

Step 2 – Appoint a Compliance Officer and Gather Documents: You’ll need to assign someone as your AML point of contact. Their documents (e.g., passport, visa, Emirates ID, and authorization letter) will be part of the registration file. Also, get your trade license and business ownership info ready.

Step 3 – Complete Pre-Registration via SACM: Before anything goes into the goAML system, you need access. That starts with registering on the SACM (Service Access Control Manager) portal. This step gives you login credentials and sets up your Google Authenticator access for secure sign-in.

Step 4 – Log into goAML and Set Up Your Entity Profile: Once you’re through SACM, head to the goAML portal. Log in using the credentials and two-factor code. Then, complete your organization’s profile, enter business details and compliance officer info, and assign the correct regulatory authority.

Step 5 – Wait for Approval and Receive Org ID: After submission, your application is reviewed by the relevant authority. Once approved, you’ll receive your official goAML Organization ID. This is what links your business to the system for reporting.

Step 6 – Have Your Internal AML Controls Ready: This isn’t something you do after getting approved. You’re expected to already have your AML policy in place (customer checks, transaction monitoring, risk assessments). If regulators ask for it during the process, you should be ready.

Step 7  – Start Reporting: Once fully registered, you can begin reporting suspicious transactions, high-risk dealings, or flagged clients through the goAML portal. You’re officially live and accountable from this point forward.

Every step builds on the last, so skipping ahead or missing a detail can delay your approval. Do it clean, do it right the first time, and your business stays on the right side of UAE compliance. 

Key Documents and Information Required for Registration

Before you dive into AML registration, make sure your paperwork’s tight. The authorities won’t even look at your application if basic documents are missing or unclear. 

Most of what’s required is standard business documents, but there are a few AML-specific additions you’ll need to prepare upfront.

Here’s what typically needs to be submitted:

• Trade License: A valid commercial or professional license for your business
• Compliance Officer Documents: Copy of passport, Emirates ID, and residence visa of the appointed AML compliance officer
• Authorization Letter: Signed letter authorizing the compliance officer to act on behalf of the company for AML matters
• Organizational Structure: Basic outline of ownership, partners, and business activities
• Contact Details: Accurate email and phone number for official communication
• Google Authenticator Setup: You’ll need to install the app on the compliance officer’s phone for 2FA during goAML access
• Additional Licenses (if applicable): Any sector-specific permits or approvals depending on your business activity

Some authorities may ask for extra stuff depending on your business type, so it’s wise to check before you hit submit. 

Now that you ‘shave working knowledge of what’s AML registration in UAE, it process, document requirements, let’s see what can happen if you don’t comply. 

Consequences of Non-Compliance

The UAE has zero tolerance for businesses that ignore AML laws, and the penalties aren’t light warnings. They hit hard, both financially and reputationally. Here’s a quick snapshot:

Violation	Penalty
Failure to register on goAML	AED 50,000 to AED 5,000,000
Not appointing a Compliance Officer	Heavy fines + possible business review
Delayed or missing STR/SAR submissions	Financial penalty + regulatory scrutiny
Incomplete or incorrect documentation	Application rejection or delays
Not implementing internal AML controls	License suspension or revocation
Repeat or willful violations	Criminal investigation or prosecution

As you can see, whether it’s missing registration deadlines or failing to report suspicious activity, the fines stack up fast and can even lead to criminal charges.

Ongoing compliance is where most businesses slip, not because they ignore the rules but because manual checks can’t keep up with evolving risks.

That’s where smarter infrastructure helps. Tools that handle KYC verification, PEP screening, and UBO checks in real-time reduce the load without cutting corners. Signzy’s API stack fits right into that layer. It’s built to support compliance teams who want faster onboarding, cleaner records, and fewer gaps in their process.

If staying compliant is a priority, your tech should reflect that.

Every fast-moving finance business runs on one simple mechanism: decisions, actions, and consequences.

• Who approved that payout?
• Why was that vendor cleared?
• Was that onboarding flow compliant? 

These questions don’t come up when things go right. 

…But they define everything when things don’t.

That’s where GRC steps in. 

Not as a cost center, not as a corporate ritual, but as a system that ensures critical decisions don’t rely on memory, mood, or muscle memory.

If you want to know how to structure it, run it, and make it part of your operations without slowing down what matters, this guide has everything you need to know and take-home trackers. 

Let’s start with nuts and bolts first.

Governance, Risk, Compliance (GRC), Explained

If you’re building in fintech, crypto, or anything that touches money, you can’t afford loose ends.

Not just in code or design but in how your company works behind the scenes. Who’s making decisions? What happens when things break? Whether you’re following the rules that apply to you.

That’s GRC. Governance, Risk, Compliance. It’s more like the spine that keeps everything straight as you grow.

• Governance → Defines who has the authority to make decisions, approve changes, sign contracts, manage funds, and access sensitive systems. Prevents overlap, confusion, and unauthorized actions.
• Risk → It detects threats like fraud, regulatory action, system downtime, and third-party failure and sets up controls to reduce or respond to them.
• Compliance → Tracks which laws, regulations, and standards apply (like RBI, SEBI, FATF, GDPR) and ensures internal processes, documentation, and product features meet those requirements. Includes audit readiness.

GRC is built so your team doesn’t get stuck fixing preventable problems. It’s what lets you move fast without crossing lines you didn’t even know existed.

Without GRC, you fix things when they break. With GRC, you avoid most breaks to begin with. Especially as you grow, it keeps operations stable while everything else scales. It is not a visible feature, but it keeps the engine clean.

How to Implement GRC in an Organization?

You do not need to over-architect the system, but it has to be deliberate. GRC is not something that happens in the background. It is something you set up intentionally. 

Here’s a comprehensive 6-step process to get running.

Step 1: Assign Clear Ownership

GRC does not work unless each component has a responsible owner. 

• Governance is typically handled by senior leadership, such as the COO or board members since it involves decision-making rules, oversight mechanisms, and accountability. 
• Risk should be owned by operations or a product-risk team, depending on the business model. 
• Compliance usually falls under legal or finance, especially in regulated sectors. 

These roles should be fixed, documented, and visible to the entire leadership team.

Step 2: Build a Live Compliance Inventory

The first tactical step is building a compliance inventory. This is a single document that lists every regulatory, legal, and operational requirement your company must follow. It should include authorities like RBI, SEBI, FIU-IND, income tax, and any self-imposed obligations like contractual requirements from partners or investors. 

For each item, document the frequency, responsible owner, due date, and status. This should be reviewed every month and updated as rules evolve.

Look at this tracker, for example:

You can get this tracker template – HERE. Please read the disclaimer carefully before using it.

Step 3: Maintain a Risk Register

This register is a working document that makes your leadership aware of what could go wrong, how prepared you are, and where you need to act next.

In this, create a structured register of risks across the business. Include legal, operational, financial, cybersecurity, vendor, and reputational risks. Each risk entry should include a short description, its likelihood and impact rating, an owner, and the mitigation plan. Refer the example below for better idea.

Grab tracker – HERE (check second sheet). Once again, please read the disclaimer carefully before using it.

If a risk materializes, the register should also track the incident history and recovery steps.

Step 4: Apply Access and Change Controls

Every tool or system that handles data, money, or sensitive workflows must have permission layers. 

No one should get admin access without documented approval, and no access should go unmonitored. 

You should be able to review logs showing who accessed what and when. For workflows that involve financial decisions, refunds, reconciliations, or reporting, enforce a maker-checker system. One person performs, and another person verifies. 

This prevents internal fraud, misuse, and unintentional errors from going unnoticed.

Step 5: Define Protocols for Incidents

You need a basic response plan for the most common categories like: data breaches, financial errors, system outages, regulatory notices, or internal fraud. These plans should define who is responsible, what steps are taken immediately, who is informed, and whether reporting to regulators or partners is required.

This can be stored in a simple internal document. Everyone involved in operations, tech, or compliance should be trained on it once per quarter. The aim is to avoid delays and miscommunication during high-pressure events.

Step 6: Conduct Internal Reviews Quarterly

Set a fixed schedule to review GRC functioning across departments. 

Each quarter, review the compliance tracker, governance logs, risk register, and access controls. 

• Check what was missed, what got delayed, and what changed. 
• Document the gaps. Assign fix owners. 
• Set a 30-day resolution period for anything that affects compliance or customer trust.

These reviews don’t need to be formal audits. But they need to be routine, structured and followed through. GRC stays strong only when it’s maintained, such as in infrastructure.

Best Practices to Implement GRC

A structured GRC system is good. But what keeps it working week after week is operational hygiene. Beyond the core setup, there are specific habits and decisions that make the difference between a GRC program that exists on paper and one that actually holds up under pressure.

Read these four best practices we’ve compiled. 

1. Regulations should live close to your product, not just in legal docs: Maintain a product-to-regulation mapping. For every customer-facing flow (like onboarding, lending, payments), clearly link the governing rule, circular, or internal policy. Update this during every major release cycle. This avoids accidental non-compliance with product updates.
2. Regulatory updates should be treated as version changes, not alerts. Set a fixed monthly slot to review new circulars, enforcement trends, and legal shifts. Assign a team member to summarize what changed, what’s relevant, and what needs action. Tag affected workflows and assign follow-ups.
3. Compliance tasks need to show up where work happens, not in static files: Use task management tools like ClickUp, Notion, or Trello to assign and track compliance activities. Each task must have an owner, deadline, and proof-of-work link. Reminders and missed-task visibility should be built in by default.
4. Vendor risks should be logged and monitored like internal ones: For every third-party tool, partner, or contractor with access to sensitive data or systems, maintain a basic vendor risk profile. Note compliance clauses, data handling risks, and SLA violations. Review high-risk vendors quarterly. Keep contracts easily retrievable.

The tighter your internal processes get, the more your external systems need to keep pace. When workflows like onboarding, Video KYC, and risk checks become routine, they should not rely on manual checks or scattered tools. That’s where APIs step in for consistency and control.

Whether it’s checking if your information is compromised in data breaches or verifying identities during onboarding, these compliance checks are foundational steps in how trust is built, and risk is managed.

Signzy’s suite of APIs is designed to support that shift. Quietly, in the background, where structure matters most.

Transaction Monitoring in Anti-Money Laundering (AML) is a pivotal tool in the fight against financial crime. It involves scrutinizing financial transactions to detect suspicious activities indicative of money laundering. This process not only helps in identifying potential risks but also ensures compliance with increasingly stringent regulatory standards. Understanding its mechanisms and applications is crucial for maintaining the integrity of financial systems.

In today’s global financial landscape, the battle against financial crimes, particularly money laundering, is a top priority for governments, regulatory bodies, and financial institutions. According to the United Nations Office on Drugs and Crime (UNODC), the estimated amount of money laundered globally in one year is 2-5% of global GDP, which translates to $800 billion – $2 trillion. This statistic underscores the cruciality of Anti-Money Laundering (AML) measures. 

The Critical Role of Transaction Monitoring in AML

It is a fundamental component of AML efforts that aims to identify and investigate unusual or suspicious financial activities. Its primary role is to track financial transactions in real-time or retrospectively, analyze patterns, and flag potential red flags that could indicate money laundering, terrorist financing, or other illicit activities. Transaction monitoring acts as the eyes and ears of AML compliance programs, helping to maintain the integrity of the financial system.

Mechanisms of Transaction Monitoring

It relies on sophisticated algorithms and technology-driven processes to scrutinize vast amounts of financial data. Here’s how it works:

Data Collection: Transaction monitoring starts with the collection of transaction data from various sources, including banks, financial institutions, and other relevant entities. This data encompasses a wide range of financial activities, from wire transfers and cash deposits to credit card transactions.

Pattern Recognition: Advanced software is employed to analyze the collected data. These systems utilize predefined rules and algorithms to detect patterns that deviate from the norm. These patterns can include unusually large transactions, frequent international transfers, or transactions involving high-risk jurisdictions.

Alert Generation: When the monitoring system identifies a transaction that matches predefined suspicious patterns or criteria, it generates an alert. These alerts are sent to compliance officers for further investigation.

Investigation and Reporting: Compliance officers review the alerts generated by the system. They conduct in-depth investigations to determine whether the flagged transactions are indeed suspicious or potentially indicative of money laundering or other financial crimes. If warranted, they escalate the case for further action, including reporting to regulatory authorities.

Challenges in Transaction Monitoring:

While it is a powerful tool in the fight against money laundering, it is not without its challenges:

• The sheer volume of financial transactions can be overwhelming. Monitoring systems must process and analyze massive datasets, which can be a resource-intensive task.
• Transaction monitoring systems often generate false positives, flagging legitimate transactions as suspicious. This can lead to increased workload for compliance officers and potential delays in processing legitimate transactions.
• Criminals are constantly evolving their money laundering tactics. They employ increasingly sophisticated methods to evade detection, making it challenging for transaction monitoring systems to keep up.
• AML regulations are subject to change and vary from one jurisdiction to another. Compliance with these evolving regulations adds complexity to transaction monitoring.

Importance in Preventing Financial Crimes

Transaction monitoring plays a crucial role in preventing financial crimes, and its importance cannot be overstated:

• Transaction monitoring helps detect unusual or suspicious activities that may be indicative of money laundering, terrorist financing, or other financial crimes. 
• The knowledge that transactions are being actively monitored acts as a deterrent to would-be money launderers and criminals. The risk of being caught discourages illicit financial activities.
• Financial institutions are legally obligated to comply with AML regulations. Effective transaction monitoring helps institutions fulfill their compliance obligations. This reduces the risk of regulatory penalties and reputational damage.
• The Financial Action Task Force (FATF) states that transaction monitoring is a key component of a robust AML/CFT (Countering the Financing of Terrorism) regime and emphasizes its importance in mitigating financial crime risks.

Conclusion

Transaction monitoring is the vigilant guardian of the financial system. Its sophisticated mechanisms, fueled by advanced technology and intelligent algorithms, play a crucial role in identifying and preventing financial crimes like money laundering, terrorist financing, and fraud.

As statistics show, the global financial system is vulnerable to these crimes, with money laundering alone estimated to reach a staggering $1.6 trillion annually. This alarming trend underscores the critical need for robust transaction monitoring systems.

Signzy’s Data Breach API serves as a powerful shield in this fight. This innovative tool provides real-time insights into data breaches, enabling financial institutions to verify the integrity of customer information and identify potential threats. By integrating the Data Breach API into their transaction monitoring systems, institutions can identify compromised credentials, prevent fraudulent transactions, and enhance compliance. Protecting sensitive data is paramount in today’s digital landscape, and Signzy’s Data Breach API is your ally in this endeavor. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
Contact us directly!

The financial system, a vital artery of the global economy, faces a critical vulnerability – the infiltration of illicit funds. Money laundering, the process of disguising the origins of criminally acquired proceeds, and its sinister cousin, terrorist financing, pose serious threats to national security, financial stability, and public trust. To stand guard against these shadows, a robust framework of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) controls has been erected by regulators and embraced by responsible financial institutions, including banks.

Understanding the Threat Landscape

Money laundering involves disguising the origin and ownership of illegally obtained funds. Criminals employ sophisticated techniques like structuring, layering, and placement to integrate dirty money into the legitimate financial system. These funds then fuel criminal enterprises, ranging from drug trafficking to human trafficking, eroding public trust and undermining the rule of law.

Terrorist financing, on the other hand, involves raising and moving funds to support terrorist activities. This can include financing operational logistics, propaganda, recruitment, and even attacks. Terrorist groups exploit legitimate financial channels, such as charities or money service businesses, making detection and disruption crucial to preventing violence and instability.

The Framework of Defense: International Standards and Regulatory Landscape

Combatting these threats requires a multi-pronged approach, with the Financial Action Task Force (FATF) playing a central role. The FATF sets global AML/CFT standards through its 40 Recommendations, encompassing customer due diligence, suspicious activity reporting, and international cooperation. These recommendations are then translated into national laws and regulations by individual countries.

Implementing these international standards takes shape for banks through comprehensive AML/CFT programs. These programs encompass a range of controls, including:

Customer Due Diligence (CDD): This involves verifying the identity and legitimacy of customers, understanding their business activities and expected transaction patterns, and monitoring their accounts for suspicious activity. Enhanced CDD may be required for high-risk customers, such as those from politically exposed countries or with opaque business models.

Know Your Customer (KYC): KYC is a core component of CDD, focusing on understanding the customer’s identity, purpose, and risk profile. This helps banks identify and mitigate potential risks associated with money laundering or terrorist financing.

Suspicious Activity Reporting (SAR): Banks are obligated to report transactions that appear suspicious or inconsistent with a customer’s profile. This allows law enforcement to investigate and potentially identify illicit activity.

Transaction Monitoring: Banks employ sophisticated technology and analytical tools to monitor customer transactions for patterns indicative of money laundering or terrorist financing. These tools can flag suspicious activity for further investigation by compliance personnel.

Sanctions Compliance: Banks must comply with sanctions imposed by international organizations and national governments against individuals and entities involved in terrorism, drug trafficking, and other illegal activities.

Challenges and Continuous Improvement

Effectively implementing these controls is an ongoing challenge for banks. The evolving nature of criminal and terrorist tactics requires constant adaptation and innovation. Technology can be a powerful tool, but it also presents opportunities for exploitation by criminals. Additionally, international cooperation and information sharing are crucial for effectively tracking and disrupting illicit financial flows.

Despite the challenges, banks play a crucial role in safeguarding the integrity of the financial system and protecting society from the harmful effects of money laundering and terrorist financing. By continuously strengthening their AML/CFT frameworks, banks can contribute to a safer and more secure world.

Conclusion

The battle against financial crime demands constant vigilance and adaptability. While traditional AML/CFT frameworks provide a solid foundation, the ever-evolving criminal scape needs something more effective. This is where Signzy’s Data Breach API emerges as a game-changer. The API offers a powerful tool to help banks enhance their AML and CTF efforts. By leveraging this API, banks can access real-time data breach information. This enables them to identify potential vulnerabilities and strengthen their security measures.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
Contact us directly!

As the threat of financial fraud is increasing day by day, regulators are worried about how to tackle this. The Department of Financial Services (DFS), Ministry of Finance, recently spearheaded a crucial meeting in New Delhi. Attended by key stakeholders from diverse sectors, the gathering aimed to address the mounting concerns surrounding cyber security in the financial landscape.

Tackling Digital Payment Frauds: A Unified Approach

The meeting focused on the escalating trend of digital payment frauds, underscoring the imperative for a cohesive strategy to protect citizens’ financial well-being. A pivotal achievement emerged as 70 lakh mobile connections linked to cybercrimes and financial frauds were disconnected through digital intelligence platforms, safeguarding 3.5 lakh victims from potential losses totaling Rs. 900 crore.

Key Takeaways:

1. Strengthened Coordination: Emphasis was placed on seamless collaboration between law enforcement agencies, banks, and financial entities to swiftly track and block fraudulent transactions.
2. Expanded CFCFRMS Platform: A call was made to bring all financial institutions under the ‘Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS)’ platform, with 259 already onboarded.
3. Combating Mule Accounts: Banks were urged to devise effective strategies to combat the use of mule accounts for laundering illicit funds.
4. Enhanced Response Time: Banks were instructed to improve their response time in handling alerts on online financial frauds from various agencies.
5. Nodal Officers for Law Enforcement: The recommendation was made for banks and financial institutions to appoint regional/state-level nodal officers to facilitate smooth coordination with law enforcement agencies.
6. Centralized Merchant Registry: The establishment of a centralized registry for onboarding merchants and standardization of KYC procedures was emphasized.
7. Whitelisting Digital Lending Apps: A consultative approach was advocated to whitelist digital lending apps, ensuring adherence to regulatory guidelines.
8. Digital Lending Working Group Recommendations: Progress on implementing the Digital Lending Working Group’s recommendations, including the establishment of DIGITA and the ‘Banning of Unregulated Lending Activities (BULA) Act,’ was reviewed.
9. Customer Awareness and Sensitization: Stakeholders were urged to undertake comprehensive customer awareness and sensitization programs to promote digital payment security.

Insights from Stakeholders

Insightful analyses were presented by the Indian Cyber Crime Co-ordination Center (I4C), Ministry of Home Affairs, utilizing data from the National Cyber Crime Reporting Portal (NCRP). The State Bank of India (SBI) shared experiences with the Proactive Risk Monitoring (PRM) strategy, highlighting its effectiveness. PayTM and Razorpay representatives contributed best practices, showcasing their strategies for preventing and detecting online financial frauds.

Signzy’s Role in Combating Digital Payment Fraud

In a world where the financial landscape is continually evolving, staying ahead of potential fraud risks has never been more critical. Financial institutions, UPI companies, e-commerce giants, and card issuers all grapple with the challenge of identifying and mitigating fraudulent transactions while adhering to strict compliance regulations. Enter Signzy, a pioneering company that has revolutionized the way we approach fraud risk management with its innovative and compliance-focused product.

Real-time Fraud Detection and Prevention

Signzy’s robust solution is engineered to monitor transactions in real-time, supporting all modes of transactions, including debit card transactions, credit card purchases, net banking, AML, UPI payments, wallet transactions, POS/PG transactions, AEPS transactions, and more. This real-time monitoring ensures that fraudulent transactions are promptly addressed, mitigating the financial losses and reputational damage that can result from delayed fraud detection.

Signzy’s Core Components:

Fraud Risk Management: This forms the backbone of the system, identifying and flagging potential fraudulent transactions through advanced algorithms and real-time data analysis.

Rule Engine: Signzy’s rule engine is highly adaptable, allowing clients to add new rules or modify existing ones according to their specific requirements. This flexibility empowers organizations to stay agile in the ever-changing landscape of financial fraud.

Negative Due Diligence: This component is crucial for conducting thorough background checks on transactions and customers, further enhancing the accuracy of fraud detection.

Chargeback Tool: Signzy’s chargeback tool streamlines the process of managing chargebacks, making it quicker and more efficient.

Periodic Monitoring: Monitoring Business Entities, individuals, merchants (both offline and online) proactively by ensuring they are continuously watched to avoid potential fraud losses post onboarding.

Seamless Integration:

One of the standout features of Signzy’s product is its ease of integration. Companies like UPI giants PhonePe, Paytm, and GPay, banks, e-commerce titans like Flipkart, Myntra, Amazon, and Nykaa, as well as card issuers such as VISA and Mastercard can all integrate Signzy’s solution using a single API within just 48 hours. In contrast, traditional methods often take around six months for banks to implement.

Moreover, Signzy’s platform allows for data feeding in simple formats, making it adaptable to the unique needs of each organization. It’s a no-code platform, which means that clients have the autonomy to blacklist or whitelist specific transactions. If there’s a noticeable trend of fraudulent transactions originating from the same location or IP address, the system can swiftly block that entire location and source, providing an extra layer of security.

AML-Sanction Screening:

Signzy’s solution doesn’t stop at fraud prevention. It also incorporates Anti-Money Laundering (AML) and sanction screening processes, ensuring compliance with international financial safety standards.

Time and Cost Savings:

The benefits of Signzy’s product are substantial. While traditional compliance management often takes banks 10-12 months to implement, Signzy’s solution reduces this time frame to just two weeks. Smaller companies can integrate it in as little as 3-4 days, giving them an edge in rapidly changing markets.

Signzy’s product is PCI-DSS compliant, which is essential for maintaining the highest safety standards. This compliance also allows for immediate rule additions and modifications, ensuring that your organization is always up to date with the latest security measures. The product also includes a case management tool, enabling organizations to act and respond swiftly to any security incidents, further reducing the potential damage of fraud.

Enhanced Customer Confidence:

In addition to the substantial time and cost savings, Signzy’s product also enhances customer confidence. With the ability to swiftly identify and address fraudulent activities, customers can trust that their financial transactions are secure. The real-time monitoring and instant response to potential fraud provide peace of mind, resulting in higher customer satisfaction and retention. This boost in confidence can also lead to increased transaction volumes and customer loyalty, giving businesses a competitive edge in the market.

Unparalleled Flexibility:

Signzy’s solution is designed to evolve with your business. Its adaptable rule engine enables clients to not only add or modify rules but also tailor the system to meet the unique needs of their industry. This flexibility is invaluable in today’s fast-paced financial world, where new fraud tactics and trends emerge regularly. Whether it’s a UPI company, a bank, an e-commerce giant, or a card issuer, Signzy’s product empowers them to stay one step ahead of fraudsters without the constraints of rigid systems.

With the help of Signzy’s cutting-edge technology, businesses can keep one step ahead of fraudsters in the never-ending game of cat and mouse. The real-time monitoring tool quickly detects and flags any suspicious trends or abnormalities by keeping a close watch on transactions. Its flexible rules framework ensures that the system changes and fortifies its defenses over time by enabling a dynamic reaction to new threats. Additionally, the quick integration capabilities allow clients to be onboarded with ease and minimise operational interruptions. Clients and end users may feel secure knowing that every transaction complies with the strictest industry standards and legal requirements thanks to the extensive compliance capabilities.To put it simply, Signzy’s ground-breaking solution is evidence of the company’s dedication to pushing the boundaries of financial security and dependability in a time when technical advancement and trust are critical.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
Contact us directly!