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QUESTION

Why do I need Policy Enforcement for my money exchange business?

ANSWER

In some countries where regulations governing currency exchange are stricter, local authorities may make it compulsory for you to implement a comprehensive compliance policy across your business to help combat money laundering and counter the financing of terrorism. The Biz4x Policy Enforcement makes it quick and easy for you to create a compliance policy, as well as enforce it with a series of actions that the system can apply to different risk categories such as flagging or disallowing suspicious transactions. Globally, the world is trending towards more stringent KYC and compliance policies, so this is a best practice to implement internally even if it is not mandated by local regulatory authorities.

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