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Compliance and Control

The DFX platform facilitates a client bank's foreign exchange transactions by providing three-way communications among the bank, that bank's clients and the third-party vendor for currency products or a correspondent bank for wire transfers, which are completed on a bank-to-bank basis.

DFX provides a "back office" administrative system as part of its platform that enables client bank staff to:

administer institutional and branch access to the system,

administer individual customer accounts,
support correspondent bank relationships,
view, authorize and process transactions,
initiate transactions on behalf of customers,
generate reports on every aspect of transactions, including a full audit trail, and
set fee levels.

DFX software supports the efforts of client banks and its third-party vendor partners to be fully compliant with - among other regulatory frameworks -- the Patriot Act, the Bank Secrecy Act (BSA), SAS70 and Know Your Customer (KYC) rules. Bank customer information is fully protected:

DFX provides sophisticated MIS reporting tools to help meet reporting and compliance requirements.

A bank's customers' SSN/EIN and account numbers don't leave the bank's data base - they are never provided to DFX or its vendors.

Random ID numbers that are generated by the bank link transactions to specific customer accounts, insulating those accounts from data theft.

There are minimal operational and oversight requirements.

Transaction data is exportable to a bank's core accounting systems.

DFX provides 24/7 system technical support.

It is important to understand that DFX is a provider of foreign currency services through its software platform, but DFX does not make markets in foreign currencies, is not in the remittance business, and is not a money service business (MSB). All currency services provided through the DFX's system are outsourced to our service partners, experienced, reputable multinational banking organizations or other financial institutions.

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