Upstox, among India’s largest stock trading and investment platforms, becomes the first in its category to implement real-time Anti-Money Laundering checks using Screenzaa. A solution from TrackWizz, a software product developed by TSS Consultancy.
This integration will enable Upstox to identify if its customers feature on the negative lists, including the national list framed by the MHA, and the UN Sanctions list. Real-time checks will help Upstox meet certain critical compliance requirements under 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, the CEO and Co-founder of Upstox, said, “Our vision is a world where everyone can enjoy financial security across the world without obstacles. The people of India are investing in the growth of India-in turn, reducing the wealth gap that aids per capita GDP growth. We want to empower investors to make them financially literate. So that they may pursue their passions, creativity, and growth, with wealth an assumption.”
Sagar Tanna, CEO of TrackWizz, said, “We built TrackWizz and Screenzaa to support the nation and the BFSI in maintaining compliance and keeping India on the FATF green list. Upstox’s proactive approach ensures that bad actors cannot misuse their strong financial systems. That will further strengthen market trading practices and serve as an example for others.”
Apart from that, TrackWizz is currently serving more than 350 BFSI organizations. And the National Stock Exchange too utilizes the brand to keep the crime-free market activity running. Amassing over 500 professionals in its workforce. The parent company of TrackWizz, TSS Consultancy, has also raised capital from WestBridge at a valuation of Rs 900 crore.
About Upstox
Upstox is amongst India’s largest fintech companies, democratizing trading and investing to ensure easy access to the masses. The trading platform also empowers users with self-charge over their financial future.
About TrackWizz – TSS Consultancy Private Limited
Headquartered in Mumbai, India, TSS Consultancy is a technology solutions company focused on fighting financial crime and maximizing compliance. The company also delivers world-class technologies that make operations simpler. While serving more than 350 institutions with a team size of over 500 professionals.
ANI
