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At Xabeta, compliance with Sanctions and Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) standards is a cornerstone of our operations. We are committed to supporting our Participants in enhancing their compliance levels through rigorous adherence to currency-specific and international laws and regulations.
Xabeta: As the system operator for payment settlement among Participants, Xabeta plays a crucial role in enforcing compliance standards. We conduct thorough compliance checks to ensure that both originating and receiving financial institutions meet their obligations. Our responsibility includes identifying and suspending suspicious payments to maintain the integrity of our platform.
Participants: Participants are accountable for complying with mandatory obligations under applicable regulations. They are responsible for ensuring adherence to all compliance requirements and regulations set forth by Xabeta and relevant authorities. This includes rigorous Know Your Customer (KYC) and Due Diligence processes during onboarding and regular reviews thereafter.
Fund Holding Institutions (FHIs): FHIs, including Central Banks or designated commercial banks, enforce compliance regulations specific to their currency. They collaborate in defining participation eligibility criteria and contribute to maintaining robust compliance within the system.
Xabeta maintains a stringent participant ecosystem by restricting access to duly regulated entities. We design, implement, and monitor comprehensive controls, processes, and procedures to uphold a robust compliance framework. This includes thorough reviews of participants' compliance practices during onboarding and periodic assessments.
Xabeta employs a series of controls and processes to ensure secure and compliant transactions:
Pre-Payment Checks: Includes transaction completeness, sanctions screening, and pre-payment fraud detection.
Post-Payment Checks: Includes post-payment fraud detection and transaction monitoring for identifying suspicious activities.
Straight-Through Processing (STP): We streamline payment processes by standardizing message formats and automating transaction checks in real-time. Our in-house compliance team investigates sanctions hits, fraud attempts, and suspicious transactions to maintain operational integrity.
By adhering to these rigorous standards and processes, Xabeta ensures a secure and compliant environment for all Participants involved in our payment settlement system.