, Upstox becomes first largest retail broker to apply real time AML check
FinTech BizNews Service
Mumbai, 21st October 2024: Upstox, one of India’s largest stock trading and investment platforms has become first in its category to implement real time Anti Money Laundering checks provided by Screenzaa from TrackWizz.
Upstox now has additional capabilities to detect if its users are a part of a negative list such as the designated national list by MHA (Ministry of Home Affairs) and United Nations Sanctions list. The integration helps the company meet crucial compliance related obligations of The Prevention of Money Laundering Act (PMLA 2002) and The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act.
Ravi Kumar, CEO & co-founder, Upstox, says, “Our vision is to create a world where everyone has financial security without barriers. Indians are investing in India’s growth by investing in companies here that enable them to reduce the wealth gap, which leads to increase in per capita GDP. We want to help investors become financially literate and empowered so that they can focus on passion, creativity, growth, contribution and excellence with wealth becoming a given.”
Sagar Tanna, CEO, TrackWizz, adds, “TrackWizz and Screenzaa have been built in service to the nation and the BFSI segment to help them stay compliant which has kept India in the FATF green list. Upstox is a market leader and their proactiveness to ensure that their well-built financial systems are not being used by any bad actors, will further strengthen the equity market trading practices and will also set an example for other leaders.”
TrackWizz works with more than 350 BFSI entities and is also used by NSE to ensure crime free market operations. Backed by over 500 professionals, TSS also raised capital from WestBridge at a valuation of Rs 900 crore.
