A Nigerian-owned money service company with its headquarters in the UK, SwapMoney, has successfully registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
This gives Canadian individuals and companies access to Swapmoney’s payment solutions for multi currency virtual wallets and international money transfers.
This noteworthy accomplishment represents a critical turning point in SwapMoney’s mission to offer safe, affordable, and cutting-edge financial services to a worldwide clientele.
The FINTRAC registration procedure is a demanding one that necessitates adherence to strict regulatory guidelines. The fact that SwapMoney was able to register successfully demonstrates its commitment to maintaining the highest levels of financial security, compliance, and transparency.
With this new registration, SwapMoney is prepared to expand its financial services into the Canadian market and provide both individuals and businesses with a large range of practical and effective money transfer options.
“Completing our FINTRAC registration is a significant step forward in SwapMoney’s journey to becoming a trusted global financial partner. We look forward to strategic partnership with a Canadian bank as we have done in the UK with ClearBank, a partnership forged since 2021 that has allowed us collect and keep customer funds safe in a segregated account. We are positive that our experience in the UK and product offerings will put us in good stead to serve our Canadian customers even better. Canada here we come!” said Abiodun Okono, CEO and Co-Founder at SwapMoney.
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Comments from Swapmoney
In addition to expressing his excitement about the chance to serve the Canadian market, Mr Okono stressed that SwapMoney’s mission to streamline international financial transactions and make cross-border payments as simple and inexpensive as local payments are aligned with the company’s expansion into Canada. He also told Canadians that SwapMoney will continue to be dedicated to offering secure, dependable, and easily navigable financial solutions that empower its clients.
This significant accomplishment, along with the business’s commitment to ongoing security and compliance enhancement, has led to the release of a new mobile app, which is now available on iOS and Google Playstore. The app will enhance user experience and boost customers’ trust in Swapmoney for financial transactions.
About SwapMoney
Launched in 2020, SwapMoney is a Money Services Business (MSB) located in the UK with the goal of making cross-border payments easier for SMEs, migrants, and expatriates. With an FCA licence and a dedication to compliance, security, and openness, SwapMoney provides businesses and individuals with an easy-to-use, safe, and secure platform for sending and receiving money internationally.
The company’s goal is to enable clients with quick, easy, safe, and effective financial solutions, thereby simplifying and expediting cross-border transactions. Remittances in over 30 currencies are available from Swapmoney to over 100 countries, including Nigeria, Kenya, the United States, China, Japan, Turkey, and Europe.
What FINTRAC does
Money laundering and the funding of terrorist activities can be better detected, prevented, and discouraged with the help of The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Its primary roles in policy and programme administration are:
Following the law when it comes to receiving reports on financial transactions and voluntary information.
Keeping personal information under its control secure.
Verifying that reporting entities adhere to all applicable laws and regulations.
Keeping a database of Canadian money service providers.
Developing financial data useful for anti-money laundering, counter-terrorism, and national security investigations.
Investigating and analyzing data from multiple sources to reveal patterns and trends in the funding of terrorist activities and money laundering.
Raising public knowledge and comprehension of these topics.