Case study – NexPay

The Client - Nexpay

NexPay is one of the fastest-growing global education payments specialists with its head office in Australia. NexPay is trusted by top education agents and schools all over the world to simplify and speed up the international payment process for their students and remove reconciliation bottlenecks that frequently cause delays.

The Challenge

NexPay is a fast-growing FinTech payments business that processes thousands of money transfers in supporting the overseas study process for all parties to the transaction.

Funds are collected from a broad range of countries across the globe and remitted to the key study destinations which include Australia, Canada and the United Kingdom

NexPay is registered and licensed in a range of global jurisdictions and is required by the various regulators and financial institution partners to demonstrate risk management processes in compliance with all regulations, including anti-money laundering and counter- terrorism financing.

NexPay is required to comply with the following:

  • Identify, manage and mitigate money laundering and terrorism financing risk;
  • Adopt and maintain an AML Program;
  • Implement customer identification and due diligence policies and procedures;
  • Suspicious matter reporting;
  • Threshold transaction reporting; and
  • Record-keeping requirements.

The Solution

NexPay appointed an AML specialist consultant who had not used AML Accelerate previously but after a demonstration on how to use the platform the AML specialist was able to create their money laundering and terrorism financing risk assessment and AML Program.

After the initial AML Program had been established for Australia, NexPay were then able to create different AML Operating procedures for different parts of their business.

The Result

NexPay were able to create both a money laundering and terrorism financing risk assessment, AML Program and AML Operating Manual from scratch within a couple of days – which reduced the amount of time that was needed from the AML specialist consultant.

The AML specialist consultant was able to then spend more time advising NexPay on other matters.

Client Testimonial

“NexPay has rapidly expanded its global footprint over the past year. One of the challenges this speed of growth has presented has been finding a mechanism to quickly and effectively build and maintain fully compliant AML Programs to support the operations. We have a ‘compliance by design’ approach to our business, so it has been key to find the right partner to help facilitate this process.

AML Accelerate platform has allowed us to update our Risk Assessment, adapt our existing AML Program and create a foundation for a truly global AML compliance regime. The intuitive and agile nature of the platform has also meant that the speed of creation has not compromised our ability to take a detailed and analytical approach while building such an important component in our Risk management framework”