Regulatory technology (Regtech) provider IMX Software has closed a new deal with Cape Town-based SFX Money Transfer, a division of Sikhona Forex (Pty) Ltd, to supply the company with its solution for automated, real time sanctions and PEP screening of customers and beneficiaries, as well as its regulatory reporting solution for automated daily central bank submissions.

SFX customers can register for the international remittance service via branches, the Mobile App SFX-RIA on both Apple and Android, a WhatsApp channel, the SFX call center, mobile USSD or its field agents.

As a licensed ADLA (Authorized Dealer with Limited Authority), SFX has strict customer screening and regulatory reporting obligations which need to be fulfilled with the highest possible level of automation in order to allow the business to meet its challenging growth and productivity targets.

IMX’s regulatory reporting solution suite includes FinSurv reporting to the South African Reserve Bank (SARB) of cross-border foreign exchange transactions and reporting to the Financial Intelligence Centre (FIC) of International Fund Transfers (IFTR) and Suspicious Transactions (STR). Both are performed on a daily basis and have complex exception management processes which are controlled via IMX’s GTS regtech administration platform.

IMX Software has partnered with ComplyAdvantage, the leading AI-based compliance vendor, for automated global sanctions and PEP screening.

Sikhona is migrating from IMX Software’s legacy software, which has powered its business for over 8 years.

Sean Maloney, Chief Executive at SFX Money Transfer commented that: “IMX Software is providing best-in-class regulator-compliant solutions to the foreign currency and remittance industry, allowing SFX to focus its time and effort on product innovation to drive our growth in the highly competitive South African remittance market.”