Finexio's Compliance Reviews

  • Updated

As an AP Payments-as-a-Service provider, Finexio maintains an Anti-Money Laundering (AML) compliance program to meet banking regulations and partner requirements.

Automated transaction monitoring helps detect and prevent:

  • Fraud
  • Money laundering
  • Sanctions violations
  • Unauthorized payment activity

Important Note: Compliance monitoring is a mandatory regulatory requirement.

 

What May Trigger a Compliance Review

A transaction may be flagged for additional review, by the Finexio Compliance team. When it includes one or more of the following risk indicators:

  • Payment amounts significantly higher than historical averages.
  • Payments to first-time or newly added suppliers.
  • Recent supplier banking information changes.
  • Activity that matches known fraud patterns or schemes.

Note: Not all alerts result in payment holds.

 

What to Expect During the Review

Payment Continues Processing

For lower-risk alerts, the Finexio Compliance team may collect documentation while the payment continues through normal processing.

 

Payment Held for Verification

For higher-risk alerts, the payment may be temporarily paused while the invoice (provided by the customer) is reviewed.

A payment hold:

  • Is a preventative security measure.
  • Does not indicate a payment rejection.
  • Does not automatically indicate fraud.

 

Supplier Verification Scenarios

If a Finexio compliance review is triggered by supplier-related concerns:

  • Finexio contacts the supplier directly to obtain required information.
  • The supplier submits the requested documentation, to Finexio.
  • Finexio reviews the information provided.

If the supplier documentation is approved. The held payment can be released.

If the supplier documentation is rejected. Finexio will notify the customer and the funds will be returned.

 

Why Finexio May Request Invoices from Customers

Compliance reviews are a standard part of operating a secure and compliant payment network. Receiving a request for documentation does not indicate a problem with your account.

Note: Periodic compliance reviews may also request invoices for transactions, that have already been processed. This is normal and does not indicate any concern with your account.

 

Prerequisites to Respond to an Invoice Verification Request

Before responding to a compliance request, the company's designated contact person must have:

  • Access to the requested invoice or supporting documentation.
  • Access to the compliance review email sent from Finexio Support.
  • Permission to access payment records related to the transaction.

 

Steps to Respond to an Invoice Verification Request

1. Review the Support Email

Finexio Support will send the company's designated contact person, an email to identify:

  • The payment in question.
  • The requested invoice or supporting documentation.
  • Any additional instructions included in the message.

 

2. Locate the Requested Documentation

  • Retrieve the invoice or supporting document associated with the payment.

 

3. Reply to the Finexio Support Email

  • Reply directly to the compliance request email and attach the requested invoice.

 

4. Await Review Completion

  • Upon receipt, the Finexio Compliance team will review the provided documentation.
  • The payment either continues processing or is released from hold status. In most cases, reviews are completed on the same business day. 

 

Compliance Review Timeframes

Most compliance reviews are completed on the same business day after all required documentation has been received. Delays most commonly occur when supporting documents are incomplete, unreadable, or still pending from a supplier.