Fraugster, a German-Israeli AI payment security company and eClear, the only end-to-end VAT and Customs Clearing House in Europe, today announce their collaboration to provide customers with access to global sanctions and PEP lists including individuals, corporates and countries to help meet regulatory requirements and mitigate Anti-Money Laundering (AML) risks for VAT services.
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 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 is able to 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.
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Anne-Katrin Gewohn, Chief Risk Officer at eClear says, “Our promise to customers is to automate services and overcome the complexity of transaction taxes. This partnership provides us with enhanced AML risk management capabilities, without adding complexity to our customer experience or own business processes. We are delighted to be working with an advanced technology partner like Fraugster who makes things simple and seamless”.
Fraugster Co-CEO Christian Mangold states, “AML risk affects any organisation processing transactions – from banks to e-commerce merchants. But when it comes to handling escrow money, regulatory scrutiny is even greater, which is why we are working with eClear to ensure that they meet the very highest standards of AML risk management and compliance, without adding unnecessary complexity to their customers and operations”.
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