Fincross is preparing service areas that require strong governance, compliance controls, secure operations and appropriate regulatory readiness.
Fincross is preparing for foreign exchange services supported by transparent pricing, transaction records, settlement controls, reconciliation and risk-based customer due diligence. The service will be introduced only after the required arrangements and controls are completed.
The company is preparing for money transferring activity with controls covering customer identification, beneficiary information, transaction monitoring, sanctions screening, suspicious transaction escalation and record keeping.
Virtual currency activity is being assessed with enhanced attention to wallet flows, custody model, blockchain monitoring, sanctions exposure, source of funds, source of wealth and higher-risk customer or transaction patterns.
Payment service provider activity is being assessed under the Canadian retail payment framework, including payment function mapping, operational risk, incident response, third-party oversight and safeguarding where end-user funds are involved.