Client Success Story:
Titan Corporate Services

MemberCheck's Ongoing Monitoring feature has saved Titan Corporate Services 10 minutes of screening time per client.

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Industry

Financial Services

Location

Mauritius

MemberChecks’s Client

Since 2019

Number of customers

500

Approval Rate

95%

Median Processing Time

4 Min.

About the Company

Titan Corporate Services is a fully licensed Trust and Company Service Provider based in Mauritius. Combating money laundering, terrorism funding, and proliferation financing (ML/TF/PF) has long been a priority for Mauritius. The AML/CFT legal framework has been strengthened in recent years in Mauritius to incorporate various sanctions and regulatory enforcement Acts.These steps were taken to remove Mauritius from the European Union's list of "high-risk countries" and the Financial Action Task Force's list of jurisdictions.

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The Challenge

Mauritius' measures to improve its Anti-Money Laundering (AML) /Counter Terrorism Financing (CTF) framework has worked effectively, however, there is still a lot of responsibility on the reporting entities and ongoing audits. Reporting entities are regularly audited, so they must keep their client risk assessments up to date. Furthermore, reporting entities must implement an automated compliance programme, which has been mandated by regulatory bodies.

The Solution

Titan Corporate Services has been using our MemberCheck service since 2019. A few reasons why Titan Corporate Services chose MemberCheck includes, MemberCheck’s Ongoing Monitoring feature which allows them to screen their consumers on a regular basis and be notified of any changes in their clients' status, MemberCheck’s intelligent filters which help reduce the number of false positives returned when screening and lastly MemberCheck’s solution was considerably more cost effective than other automated systems.

Titan Corporate Services saved both time and money by reducing the need for re-screening with the help of MemberCheck's ongoing monitoring service. With the usage of MemberCheck's Ongoing Monitoring feature, the company saved 10 minutes on screening time for each client.