MoneyMatch Spotlight: Compliance

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MoneyMatch Spotlight is a new series featuring glimpses of what happens behind the scenes here at MoneyMatch! We’re starting off with a very significant department for fintechs like us, Compliance. In this interview, we’re talking to our Group Head of Compliance, Thavalogan Paskarah a.k.a Logan.

Logan is a CAMI-certified Compliance Officer with an extensive background in the Financial Services industry. His past experiences include serving as the Head of Compliance (Malaysia) and Compliance Manager (APAC) at TransferMate Global Payments, and the Vice President (Compliance AML Execution Senior Manager) at Citi. Currently, he oversees the MoneyMatch Compliance program across the group!

The Compliance Team

Hi Logan, tell us a little bit about the MoneyMatch Compliance team. How does the team operate as a whole?

We are a team of 12 people, 10 locally and 2 in licensed jurisdictions—Brunei and Singapore. We have Compliance Associates trained by experienced Team Leads and Managers to execute day-to-day compliance functions. In countries where the Group holds licenses, our regional staff manage the compliance program locally with supervision and support from the Head of Compliance. 

As the Group Head of Compliance, what are your primary responsibilities? How do you ensure the department functions seamlessly across regions?

My primary role is to ensure that the company’s compliance program is effective and that we operate within the regulatory framework of the home country and other licensed jurisdictions. Our program is centralized to manage risks and apply control measures effectively. On top of that, the regional staff will also provide advisory from local perspectives.   

What are the main objectives of the Compliance department in MoneyMatch? 

Our main objectives are to keep the ‘bad actors’ out of our ecosystem and to protect the integrity of the financial institution. In line with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA 2001), our focus is on strengthening AML (Anti-Money Laundering) and CFT (Counter-Terrorism Financing) controls. At the same time, we also aim to maintain the balance between customer, stakeholder, and regulatory expectations. All the while, guided by MoneyMatch’s core principles of adopting easy, quick, and cost-efficient practices.

Strengths & Challenges

How does MoneyMatch Compliance safeguard the company’s integrity, users’ personal data, and transactions?

One of MoneyMatch’s most notable core technologies is placed on the external layer of our security infrastructure. It comprises our digital user onboarding and ID verification system—eKYC (Know-Your-Customer) and eKYB (Know-Your-Business). With eKYC, we assess users’ risks through video and voice recognition, along with a set of stringent internal parameters, before allowing them to access our transfer platforms such as the MoneyMatch mobile app and Pulse. Aside from that, we leverage our API-connected proprietary system which enables us to conduct Real-time Risk Assessments (RTRA) and take immediate action to mitigate risks.

What are the strengths of MoneyMatch’s Compliance program in combating fincrime

Our strength definitely lies in our proprietary system and technologies. They allow us to be agile and swift in identifying problems and building solutions. On one hand, the system is utilized for daily operations, which includes transfer clearance and monitoring, alongside eKYC/eKYB verification. On the other, for data analytics which supports post-transaction monitoring, regulatory reporting, and encourages continuous compliance control enhancement.

What challenges do the Compliance team face on a daily basis? What are your strategies in alleviating them?

As we evolve in a fast-paced industry, mitigating risk is not an easy task. It requires managing complex processes and a myriad of stakeholders, as well as fostering a culture of ethics and compliance. Aside from ensuring stringent control measures are in place, optimizing our program and daily tasks with automation is also a priority. Automation allows us to have a greater insight into our data, which will in turn aid in improving our program. In addition, we provide an annual mandate training to all MoneyMatch employees to strengthen awareness on AML/CFT risks involved in their job scope. 


With your extensive experience of working in the traditional banking and finance industry, how is the AML/CFT scene different in fintech?

The fintech industry evolves at a faster pace and is more innovative in creating solutions and adopting advanced technology. Unlike banks, which have more complicated infrastructure and move at a slower pace when it comes to implementing changes.

From your perspective, how has the AML/CFT practice changed over the years?

We are still allowed to build a program based on a risk-based approach. However, since the pandemic, regulators have tightened the requirements for framework redesign. Now, it is necessary for us to include digitalized processes and services. Besides that, more concentration is currently given to the rise of cybersecurity and cyberthreat. 

What’s next for MoneyMatch Compliance?

Finally, what innovation do you hope to observe in or bring to MoneyMatch Compliance in the near future? 

As a fintech company in the course of scaling up, our goal is to continue exercising our technological capabilities in establishing faster, more convenient and more secure systems. At the same time, leveraging our extensive database using AI and machine-learning for higher quality decision-making. All in all, improving customer experience and processing efficiency while minimizing human errors.

We hope this interview has provided some insight on how MoneyMatch Compliance work in consistently protecting your personal data and transactions done through our platforms. Stay tuned for the next part of this series featuring other core departments in MoneyMatch!

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