Building the Right Compliance Culture – Everything Starts with Senior Leaders

As a financial institution, Paytah is committed to operating in compliance with laws, standards, and rules and is continually working to meet these standards. As it has mentioned several times by now in its communications, Paytah continues to work on the global ‘know your customer'(KYC) procedures and measures, which emphasize regulatory compliance as the key priority. Paytah’s global compliance program encompasses all client segments leveraging on experiences from the KYC and AML program that started two years ago when it opened the doors for business.

As a gatekeeper of the financial system, Paytah set up a central KYC organization to develop consistent processes, work instructions and responsibilities across all units.

The development and rollout of KYC communication has been supported by the setup of a behavioral risk department that performs risk assessments. Senior leaders spent a considerable amount of time engaging with staff to explain and discuss responsibility as a protector of the financial system. In addition, the compliance department is supported by a team trained to detect high-risk behaviors and intervene when needed.

Culture-driven change is an on-going process, as Paytah is striving to not only improving processes and procedures but are building the right compliance culture.

Everything starts with Paytah’s senior leaders, as Founder Marco Lavanna explains: “We are on a mission to make payments simpler across the banking spectrum, but the main goal is to do it the right way. As a financial institution, we are under the obligation to ensure that our operations meet the highest standards, especially when it comes to preventing individuals from misusing the financial system. This starts with our upper management that makes sure each day to have an impact not only on the minds but also the hearts of the Paytah members.”

About Paytah Payment Solutions

Paytah Payment Solutions (Phoenix Payments Ltd) is a fully licensed financial institution regulated by the Malta Financial Services Authority (MFSA). It has passported its activity to all 28 EU and EEA member states. PAYTAH operates under the legal framework of the European Payment Services Directive established to provide safer and more innovative payment services across the EU.

PAYTAH SUPPORTS GLOBAL GROWTH STRATEGY

The payment institution offers smart financial services

 

February 2020 – Considered as one of the top payment service providers in Europe, Paytah Payment Solutions (PAYTAH), which uses cutting edge financial technology applications, is also the first finance institution to offer IBAN (International Bank Account Numbers) running on blockchain.

 

A participant of the European Payment Council, this user-friendly and cost-effective banking service alternative is one of the first crypto-friendly payment service providers. Its services include instant transfers within Paytah accounts, Euro transfers to external accounts via SEPA, Euro deposits through SEPA, International wire and credit card transactions, private encrypted messaging between client/Paytah or client/client.

 

Designed to ensure payment safety, product quality and data integrity throughout the life cycle of a regulated product, the personalized IBANs and SEPA help facilitate the process of opening a business or individual account less the bureaucracy, thus, a much faster service. This brings Paytah at the forefront of financial innovation and continues to help in the growth of the company.

 

Paytah Founder and Chairman Marco Lavanna, who has successfully steered the company since late 2018, affirms that “Paytah provides true agility and responsiveness towards the market. We give first class customer experience while transactions are faster, more affordable, and highly safe. We are fully compliant with the European Payment Council, as we have proudly launched the Paytah Wallet, a wallet account application, meticulously developed to be seamless and user-friendly.”

 

Paytah is committed to finding solutions to challenges in the online finance sector as it expedites growth for companies and individuals.

 

For more information on Paytah, please log on to www.paytah.com.

 

ABOUT PAYTAH PAYMENT SOLUTIONS

 

Paytah Payment Solutions (Phoenix Payments Ltd) is a fully licensed financial institution regulated by the Malta Financial Services Authority (MFSA). It has passported its activity to all 28 EU and EEA member states. PAYTAH operates under the legal framework of the European Payment Services Directive established to provide safer and more innovative payment services across the EU.

 

 

 

 

 

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