How Our Security & Compliance Works to Protect Your Transactions

The global pandemic has completely reshaped how we do business in the modern digital economy—from startups to large-scale corporations. More consumers are shopping online, and in record numbers too. A recent McKinsey report found that digital marketplaces like Amazon are expected to account for about 60% of digital-commerce volume in the next few years.

The rise in digital transactions has increased both adoption and trust in newer digital financial services. At Airwallex, the second half of 2020 saw our global customer base grow by 50%. 

However, this trust cannot be taken for granted. With new opportunities come complex security challenges that governments, regulators and financial services organisations have to manage swiftly and effectively.

At Airwallex, compliance is at the heart of everything we do. That’s how seriously we take our commitment to upholding and complying to legal and regulatory requirements.

So, exactly what is compliance, and more pertinently, how do you keep my transactions safe? We’ll answer your burning questions and bring you through how Airwallex ensures your transactions are fast, seamless and secure. 

What is compliance, and why is it important?  

Every year, the global economy loses an estimated US$800 billion to US$2 trillion to financial crime. That’s 5% of the global GDP snatched right out of our hands. To meet these challenges, compliance and operations teams—like the global teams at Airwallex—work to ensure the movement of money is transparent, fair and efficient. This is done through five key areas of responsibility: monitoring, detection, investigation, prevention and advisory.

In addition, regulators authorise and oversee the compliance laws for each region, changing and improving rules where necessary. These bodies work together to protect transactions and the integrity of the global financial system against crimes like money laundering and financing terrorism, as criminals and terrorist syndicates attempt to move illicit funds around the world.   

How we protect our customers

We’ve enhanced our approach to compliance over the years. Since joining Airwallex in 2019, we have endeavoured to build and lead a global legal and compliance team with: 

• Comprehensive regulatory, compliance, risk and legal expertise and experience

• Members with agile and adaptable mindsets to advise and manage rapid changes in financial products, services and technologies

• Grounded on the core values required to always make the right decision 

These values are core tenets to the foundational strength of our legal and security and compliance team. We promote a unified approach with all security and compliance members working as one unit, sharing information and contributing to the growth of the Group as a whole.

We are committed to providing agile and innovative solutions for our customers that also grow alongside them and their businesses. Of course, all while ensuring security and compliance remains at the centre of our services and infrastructure. Airwallex may not be a bank but in many crucial aspects, we are regulated just like one. As such, there are many similarities in how we protect our customers:  

• A deep understanding of compliance in every region: Airwallex has lawyers and compliance officers in every jurisdiction we operate in, focusing on the regulatory and financial crime aspects of compliance. Our global teams work as an integrated unit to maintain the highest legal, regulatory and compliance standards.

• Automated transaction monitoring: We use a data-driven transaction monitoring system which provides alerts based on customer behaviour and account activity. Our monitoring is easily tailored to new situations and compliance requirements quickly and efficiently. 

• Know Your Customer (KYC): Every one of our customers are subject to our comprehensive KYC process where we collect the necessary information to understand account purposes and potential red flags. 

• Working with trusted partners: To be part of the global financial infrastructure of the digital economy, we work with trusted partners in the financial ecosystem, such as Visa and Mastercard. These organisations allow us to provide faster and more secure cross-border payments for our customers.  

• Training: Airwallex requires all employees to undergo risk and financial security training at least once annually to ensure the appropriate level of awareness and knowledge within the organisation.

We believe the industry and all relevant stakeholders—including governments, regulators, banks and fintech companies—must promote working together to improve security and compliance measures for businesses and consumers. We will continue to innovate and improve our compliance strategy, even as we enter new markets and spaces, to uphold the highest of regulatory and compliance standards at all times.

This underpins our core objective, to ensure we provide the most innovative global financial infrastructure to support our customers' business needs, with security and compliance at the centre of each and every transaction.

Airwallex (Singapore) Pte. Ltd. is licensed in Singapore as a Major Payment Institution and is regulated by the Monetary Authority of Singapore (license number PS20200541).

Open a foreign currency account with Airwallex for free today and have peace of mind knowing your transactions are protected.

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