Wynyard Group continues to grow its Middle Eastern business, winning a multi-year contract with Manayer Marketing Management LLC,the United Arab Emirates licensee to financial services provider TransCash Corporation, for its Wynyard Anti-Money Laundering (AML) solution.
It follows the recent selection of its software by UAE business conglomerate Galadari Brothers to manage audit, risk and compliance.
Manayer Marketing Management has the license to market and distribute TransCash MasterCard prepaid money sharing cards, a financial product that facilitates money sharing from card to card. In the UAE, TransCash MasterCard prepaid money sharing cards are issued by Finance House PJSC and processed by Network International under a licence by MasterCard International.
Around 80% of UAE workers are immigrants, many of whom cannot open local bank accounts. They make use of services such as TransCash’s recently launched dual card, which allows customers to send money home, shop online and make purchases at retail outlets without the need to have a bank account.
The company will use Wynyard’s AML solution to comply with increasingly tougher compliance and regulatory requirements.
Manayer Marketing Management UAE head of operations Eric Sridarane says compliance with local and international regulation is a top priority for the company and the Wynyard solution will deliver an immediate return on investment as well as long-term benefits.
“Our business continues to expand and it was important that we partnered with a leading AML provider with local support that can also support us as we continue to grow. Wynyard will deliver us a robust and comprehensive AML service for detecting, investigating and reporting suspicious activities.”
The contract was awarded following a competitive procurement process, which included the evaluation of different solutions. TransCash measured competing products on detailed product demonstrations and price.
Wynyard Group managing director Craig Richardson says Wynyard Group continues to see momentum in the Middle East and welcomes TransCash as its latest financial services provider customer in the region.