FOMO Pay Implements Moody’s Analytics KYC Solution for Enhanced Risk Monitoring and Compliance

2 mins read

29 June 2023

Learn how this collaboration strengthens FOMO Pay’s capabilities and improves client onboarding experiences while upholding the highest standards of security and regulatory compliance.

Singapore-headquartered major payment institution, FOMO Pay, has made a significant announcement today, revealing its adoption of Moody’s Analytics KYC solution to bolster risk monitoring and ensure compliance across its digital payments and digital banking services. By leveraging Moody’s Analytics renowned expertise in risk management, FOMO Pay aims to strengthen its compliance capabilities and improve clients’ onboarding experiences.

Through a successful implementation, FOMO Pay has established an end-to-end know your customer (KYC) and anti-money laundering (AML) compliance solution, supported by world-leading financial crime screening data provided by Moody’s Analytics. This comprehensive data encompasses entity and ownership information for 450 million companies worldwide, real-time access to global government registers, the largest repository of high-risk subjects globally, and automated workflows for customer onboarding, lifecycle management, and compliance.

The adoption of Moody’s Analytics technology has yielded significant benefits for FOMO Pay. The incorporation of this solution has considerably expedited the risk screening process, allowing for efficient client onboarding and enhanced due diligence, all while maintaining strict adherence to regulatory requirements.

Moody’s Analytics KYC solution empowers FOMO Pay with powerful data and automated workflows, enhancing the efficiency and accuracy of risk detection. Notably, the solution facilitates corporate registry search, streamlines watchlist screenings, and reduces manual compliance tasks, thereby amplifying FOMO Pay’s operational efficiency.

Lim Wee Teck, Head of Compliance at FOMO Pay, expressed delight with the implementation, stating, “We are delighted with this implementation. FOMO Pay made a strategic decision to leverage Moody’s strengths and gain access to its extensive and accurate global data, which now empowers FOMO Pay to make optimal risk-based decisions. This implementation strengthens our KYC/AML program. As a result, our KYC/AML checks are now more efficient and accurate, our processing speed has increased, and we have reduced friction during onboarding.”

Keith Berry, General Manager, Know Your Customer Solutions at Moody’s Analytics, shared his pleasure in collaborating with FOMO Pay to transform their risk and compliance decision-making processes using an end-to-end KYC/AML solution. FOMO Pay has capitalized on the full screening capabilities, data resources, and automation features offered by Moody’s Analytics, covering areas such as company ownership, sanctions, and politically exposed persons (PEPs). Berry commended FOMO Pay for becoming a leader in the digital KYC/AML compliance space, equipping the company with the tools to understand risks, make confident decisions, and safeguard their business.

FOMO Pay’s implementation of Moody’s Analytics KYC solution underscores its commitment to adopting cutting-edge technologies for effective risk management and compliance. In an ever-evolving and increasingly regulated market, FOMO Pay demonstrates its dedication to providing secure and innovative digital payment and digital banking solutions, while upholding the highest standards of compliance, security, and customer trust.

With the integration of Moody’s Analytics KYC solution, FOMO Pay is poised to reinforce its position as a leader in the industry, leveraging advanced technology to monitor risks, ensure regulatory compliance, and deliver seamless experiences for its clients.

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