How marketplaces can avoid financial crime

The Wide Range of Challenges

The very nature of the marketplace model means that they retain far less control over the sales process, as they are not directly selling their own goods or services.  In other words, as marketplaces are less involved in each individual sale, they must be even more vigilant when it comes to financial crime.

Because challenges faced by marketplaces range widely from money laundering to VAT fraud and buyer-seller collusion, marketplaces must put in place checks on their sellers during both the onboarding process and throughout the customer relationship.

Smart Due Diligence

At Ondorse, we believe that marketplaces should perform a stronger level of due diligence on sellers as they begin to receive higher and higher values. Across all areas of financial crime, this enables marketplaces to match the level of due diligence they provide to the level of risk associated to a seller—keeping their platform safe without negatively impacting other users’ experience.

The key aspect here is that this approach to due diligence can be configured to reflect what is relevant to each marketplace. That’s where Ondorse’s compliance command platform comes into play. Our customizable platform enables compliance and onboarding teams to edit workflows and fine tune customer and transaction monitoring depending on various factors.

Ultimately, offering a more accurate and thorough level of financial crime prevention than has ever before been possible may be a marketplace’s best asset in differentiating itself from competitors.

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