Regulatory Compliance Overview

Overview for banks, processors, fintechs and regulator partners.

Overview

XTRM is a fintech technology provider designed to provide a layer of API-centric functionality that third-party companies can embed into their platform for the purposes of efficient onboarding, fast global payments, multiple payment methods and global currency exchange.

More Information

For more information please use the following dedicated email address to contact our compliance team.

Compliance@xtrm.com

Licensing and Regulation

Licensing and Regulation

XTRM’s technology sits on top of a third-party fully regulated entity AFEX Inc. (www.afex.com) which as an MSB, provides XTRM with 100% regulated banking and currency exchange services. This ensures that XTRM can guarantee 100% financial compliance, both from an onboarding KYC (Know Your Customer), AML (Anti Money Laundering) and MTL (Money Transfer License) perspective. All money flows via the fully regulated entity (AFEX) in order to avoid the overhead of additional licensing requirements whilst ensuring complete end to end financial and regulatory compliance. Associated Foreign Exchange, Inc. is registered to Fincen and can be found HERE by searching on their name.
Trust and Review

Trust and Review

In addition to the advanced and secure onboarding methodology provided by AFEX, the XTRM platform and business processes also combine to provide an additional layer of trust and review. XTRM has built an advanced security layer and real-time compliance monitoring service that continuously monitors money movement behaviour as well as checks a multitude of national databases for and status changes or reds flags associated with companies and individuals using XTRM to make payments globally, as well as the transparency and reporting required to support the data and privacy needs at the personal and company levels. Additionally, the XTRM connected model which provides for managers and agencies managing downstream customers, provides enhanced administrative rights to view and manage their customer payments while ensuring the appropriate data can be leveraged for more detailed KYC and AML analytics.
Money Flows

Money Flows

See below for diagram of data and money flows. XTRM Inc. uses the AFEX regulated infrastructure to hold all funds. By both XTRM and AFEX doing the required KYC and AML checks, we are doubling down on ensuring all requirements are met. XTRM is in the process of getting its own MSB licences.
Compliance Overview Flowchart
Compliance Overview Flowchart