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Currency Matters use Lexis Diligence to perform fast due diligence checks on individuals

September 01st, 2014 - Posted by Claire Barker in Case studies

Currency Matters Limited is a leading foreign currency exchange broker and specialist in international payments. Replacing the traditional role of the bank in the money exchange transaction, it is essential that Currency Matters fully comply with all current legislation relating to the prevention, detection and reporting of money laundering offences.

Currency Matters use Lexis Diligence to perform fast due diligence checks on individuals. The fully trained compliance team can quickly check high-risk entities against global databases of news, company filings, biographies, international legal case history sanctions and PEP lists to help with proof of identity, reveal associated interests, and record an audit trail of the due diligence conducted. This provides reassurance to the regulators and safeguards their global reputation as a leading international payment company. Compliance Director, Ronnie Conroy, explains:

"As business becomes ever more global, we are often dealing with international payments that are made by third or fourth parties. We need insight to help us verify clients from across the world – particularly in South America and the Far East. The global reach of Lexis Diligence outstrips any other product on the market."

As international currency trade becomes increasingly regulated, Lexis Diligence helps Currency Matters to maintain their continuing due diligence responsibilities. "Whether we need to do checks on new clients, ongoing diligence or spot check a particular transaction, Lexis Diligence provides one resource for relevant, global information that supports Currency Matters' compliance processes," concludes Ronnie.

Lexis Diligence also helps to safeguard costs as required checks can be conducted without having to compile reports from a number of different sources. Check out the full case study here: Lexis Diligence provides one resource for relevant, global information.

Enhanced due diligence like this isn't just limited to international payment companies, any institution that needs to comply with money laundering legislation can take advantage of Lexis Diligence to support their research. If you want to find out how Lexis Diligence can become a part of your due diligence process, you could benefit from a consultation with one of our specialists.

Get in touch

t: 020 7400 2809

e: risk@lexisnexis.co.uk

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End notes

If you are looking for ways to gain more transparency over your customers and suppliers, why not look at the range of solutions that LexisNexis offers – click here for more information.

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