Financial Intelligence Unit (FIU) Overview | 3 minute read

At Tipalti, the Financial Intelligence Unit (FIU) team plays a critical role in safeguarding against financial crimes. We closely monitor transactions for suspicious activity and promptly report such activities to relevant authorities. We also ensure customer information is protected against money laundering and terrorism financing.

Essentially, the purpose of the FIU team is to maintain a secure and compliant financial environment. Keep in mind that the controls we have in place are not only for Tipalti and your safety, but also a regulatory requirement of Tiplati as an MSB (Money Service Business).

The controls Tipalti has in place that may involve you, the Payer, are listed below. Click on a control to learn more.

Office of Foreign Assets Control (OFAC) Screening for All Payments

At Tipalti, we take care to ensure all payments are processed safely and securely. We use our advanced sanctions algorithm to screen all Payee information for each payment. If our algorithm flags a payment, a Tipalti FIU Analyst will promptly review the alert. If any additional information is required that has not already been uploaded into Tipalti Hub, they will contact you, the Payer. 

Address Validation (Ukraine)

We screen all Payees located in Ukraine to ensure we are not onboarding individuals or companies in unsanctioned regions. Ukraine, as a country, is not sanctioned, but certain regions within Ukraine are, including Crimea, Donetsk, and Luhansk. If additional documentation is needed, a Tipalti FIU Analyst will contact you, the Payer.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Address Validation

All Canadian Payers will be notified if a Payee’s address is incomplete or invalid. If additional documentation is needed, a Tipalti FIU Analyst will reach out to you, the Payer.