Bana Tesfamicael

Bana Tesfamicael

Journalist, Events and Personalities at Finbuzz.com
Recent BA International Business undergraduate. Former youth journalist for a charity Headliners. Travel, nature & human right enthusiast.
Bana Tesfamicael

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Money Router is the first instant verification system to help thwart money laundering.

Money laundering has been around for decades, causing havoc for banks and financial services across the globe. Seeing the gap in the market, Route Trading created an innovative Anti-Money Laundering software called Money Router, which has set promises to fight back on criminal activity.  The software was put together within an 18 month period starting 2014. The team consists of ten individuals from London and Pakistan, including two Co-CEO’s Musa Jammeh, an experienced UK financial services compliance professional, and Taimoor Iqbal who is a tech entrepreneur with a background in money transfer.

Money Router software gives bankers more control as they obtain information and identification of both the sender and receiver. This allows bankers to close the account before any transaction are made, if any suspicious activity has been noticed. The first-hand technology works in combination with an elite data compliance organisation LexisNexis Risk Solutions, in order to bring control to the cumulative risk of illegal transactions that are happening within the globe.LexisNexis Risk Solutions LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries. http://www.lexisnexis.com/risk/

“Real time solution is what we need” said Taimoor Iqbal, co-CEO of Route Trading Ltd at the breakfast launch of Money Router. “The good people are suffering”.

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The UK and US specifically have had a huge sum of MSB bank accounts shutdown by main retail banks within previous years. This is due to fears of being blamed and punished for unlawful acts. A study conducted by the World Bank starting from 2015 indicated that more than 50 per cent of money transfer organisations have had one or more bank accounts closed down. As well as 28 per cent of those are used to receive money, with 45 per cent of those that transfer them over to foreign countries where receivers no longer have bank accounts.

Taimoor Iqbal highlighted that a solution to money laundering is to “screen every individual using the software”, who are involved in either sending, receiving, acting as an agent and everyone involved in the process in anyway.

Musa Jammeh, Co-CEO of Route Trading, noted in an interview, that the process is instant to which all customers, banks and financial services can benefit from. He went on and discussed that customers have more options to whom they want to transfer their money with as Money Router creates competition to a monopolised market. Western union is a monopoly within the financial service sector. Musa Jammeh highlighted that there are three main benefits with the software; “lower cost, faster service and more security”.

Additionally, now that the software is launched both Taimoor Iqbal and his fellow Co-CEO Musa Jammeh wants to market their software to retail banks by spreading awareness that there is a way to make safe money transactions by using Money Router. They particularly had an interest in Barclays bank, after recent claims on money laundering and financing terrorism in 2015 and was fined £72m. Moreover, there were claims earlier this year by former chief risk officer in France stated that managers overlooked potential anti-money laundering failures within their French branches.

Co-CEO Musa Jammeh stated that the company future aims is to embark on a “mobile software, where banks and financial services can offer safe money transactions through a mobile device”.

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