Upstox Leads Anti-Money Laundering Efforts with Real-Time Check Integration

Upstox, a major Indian stock trading platform, has partnered with TrackWizz to implement real-time Anti-Money Laundering checks using Screenzaa. The move aids in compliance with national and international financial regulations, ensuring secure and crime-free market operations.

In a groundbreaking move, Upstox, one of India's foremost stock trading platforms, has become the first in its sector to implement real-time Anti-Money Laundering (AML) checks, thanks to an integration with Screenzaa from TrackWizz, a product by TSS Consultancy. This integration positions Upstox ahead in compliance efforts, crucial under regulations such as India's Prevention of Money Laundering Act (PMLA 2002) and sanctions outlined by the United Nations.

The integration allows Upstox to quickly identify users who appear on critical negative lists, including those by India's Ministry of Home Affairs and United Nations sanctions. CEO Ravi Kumar expressed the company's vision: financial security without barriers, fostering financial literacy and empowerment among Indian investors. By securing its platform, Upstox aims to contribute to a growing economy, bolstering investor confidence and market integrity.

Sagar Tanna, CEO of TrackWizz, commented on the significant impact of this partnership. He noted that Upstox's proactive stance not only safeguards its trading systems from misuse by bad actors but also fortifies trading practices across the market. With a client base that includes over 350 BFSI entities, and tools used by NSE, TrackWizz is committed to maintaining India's reputation on the FATF green list. Supported by a robust team and backed by WestBridge, TSS Consultancy continues to provide world-class solutions.

(With inputs from agencies.)