NayaPay (Pvt.) Limited, an upcoming E-Money Institution, has selected Refinitiv’s WorldCheck database to reinforce its customer due diligence process. NayaPay will use the database to screen consumers and merchants during onboarding for E-Money accounts to reduce the risk of financial crimes, such as money laundering, financing of terrorism and frauds.
Refinitiv’s World-Check Risk Intelligence is used by regulated companies to help screen for financial crime risks as part of their anti-money laundering compliance programs. Widely adopted by the international financial services industry, it assists clients in uncovering potential connections to bribery and corruption, sanctions, and other risks.
Phil Cotter, Managing Director of the Risk business at Refinitiv, said:
We’re very pleased to be supporting NayaPay as they establish a robust and world-class compliance process. As new financial technologies become available, it’s critical for organizations providing these services to be proactive in protecting their customers and the wider financial system from financial crime.
Danish A. Lakhani, CEO, NayaPay, said:
We believe that the widespread adoption of international best practices, such as the use of the World-Check database for customer due diligence, is critical to preserve the integrity of our financial system and reduce the incidence of financial crimes in the country. Adhering to the AML and CFT guidelines of the State Bank of Pakistan, we have and shall continue to incorporate stringent controls to build a robust digital payments platform for our customers.
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