Thousands of US banks make this money laundering + fraud prevention service a success

JERSEY CITY, NJ, Sept. 14, 2015 /PRNewswire/ - Jason Mugford, President & Chief Executive Officer of Ascendant FX Capital Inc. http://www.ascendantfx.com/index.html is delighted to announce that the company's extensive compliance and risk enhancements to the AFXOnline payment platform are a resounding success. Due to broad acceptance by the industry, AFXOnline is now protecting the reputations and assets of thousands of US banks and other financial institutions across the nation.

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"We have invested heavily since 2010 to meet and, wherever possible, exceed the security challenges posed by regulations under the Financial Crimes Enforcement Network (FinCEN), the Bank Secrecy Act (BSA), and the Office of Foreign Asset Control (OFAC)," said Mugford. "Today, I'm delighted to be able to say that AFX is working in close partnership with approximately 25% of the banks in 28 states and, as we continue to roll out this invaluable service, we are aggressively targeting the other 75%."

With decades of hands-on experience in international foreign exchange, the AFX team employs a unique configuration of risk analytics software in its payment services to identify unusual and suspicious activities that have included money laundering and terrorist financing, fraud convictions of beneficial owners, and internet related frauds including phishing and advanced fee schemes. 

"While AFXOnline does not replace a bank's compliance department it does effectively optimize it with a suite of robust tools and enhanced screenings that is saving bank reputations and assets and reducing risks and penalties," said Bernard Beck, SVP and Chief Compliance Officer. "We have uncovered fraud scams against regional bank's customers and detected money laundering activities involving multiple accounts with multiple financial institutions."

Mr. Beck has 30+ years of experience in legal and regulatory compliance and has directed teams of compliance professionals, business risk consultants and legal experts in the development and maintenance of processes and systems to manage business risk and for legal compliance globally. He is a former Royal Canadian Mounted Police (RCMP) Commander of the Federal Unit in the Commercial Crime Section. 

AscendantFX offers a range of foreign exchange services for business and operates from offices in the United States and Canada handling wire transfers to 235 countries in 150 currencies. AscendantFX's advanced technology platform enables integration of payments and reporting with selective customer interfaces. AscendantFX helps financial institutions, non-profit organizations, charities, educational bodies, the food and beverage industry, the travel industry, importers and exporters and others. The Company's proprietary software enables clients to take full advantage of the AscendantFX global network of bank partners.

For more information: http://www.ascendantfx.com

PDF available at: 
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SOURCE AscendantFX Capital Inc.