Compliance infrastructure around authorised rails.
Verax Systems Ltd is a software firm. Any regulated payment activity described below will be performed, post-authorisation, by the firm itself as a Small Payment Institution or by an authorised third-party partner — never by Verax acting outside its permissions.
Compliance decisioning engine
Our flagship layer. KYB, sanctions, PEP, adverse-media and dual-use screening executed in parallel. Every decision generates an evidence-backed case file with a 6-year retention window, designed to be examined by an FCA reviewer.
What this includes
- Automated KYB using Companies House, Sumsub and GLEIF sources
- Sanctions screening against UK HMT, OFAC, EU and UN lists (designed — via OpenSanctions / OFAC APIs)
- Dual-use goods screening against the UK Strategic Export Control List
- LLM-assisted adverse-media review with human-in-the-loop for amber cases
- Immutable audit log with hash chain and deterministic replay
Payment orchestration to authorised partners
A routing and reconciliation layer that sits between the customer and a UK-authorised payment institution. Verax itself does not hold client money. Post-authorisation, fund movement, safeguarding and SWIFT/SEPA execution will be performed by the partner institution under its own FCA permissions.
What this includes
- Partner-API integration layer — partner selection in progress (LOI stage)
- Reconciliation engine matching MT103/MT202 messages to internal ledger entries
- Exception handling and break-detection with investigator queue
- Structured case file ready for MLRO review or FCA request
- Designed for end-to-end SLA of hours, not days, subject to partner processing windows
Stablecoin ingress (designed, post-authorisation)
Planned acceptance of USDT/USDC pay-ins with onward fiat settlement via authorised liquidity and custody partners. Verax never touches the crypto-asset or its fiat equivalent on its own balance sheet — the custody and conversion are performed by the regulated third parties.
What this includes
- Designed custody partner: Fireblocks MPC (institutional, segregated)
- Designed liquidity partner: BVNK or equivalent regulated OTC desk
- Wallet screening against sanctions and high-risk typologies (Chainalysis KYT, planned)
- End-to-end case file linking deposit, swap, and fiat leg
- Deployment conditional on FCA permissions and partner onboarding
Audit & supervisory surface
A read-only console that lets authorised reviewers — internal MLRO, external auditor, or, post-authorisation, FCA supervision — inspect any compliance decision, its evidence chain and the code path that produced it.
What this includes
- Code-to-control trace matrix: every policy line maps to commit + test + runbook
- Deterministic replay of any decision from its stored inputs
- Decision review workflow with sign-off captured in the ledger
- Retention: 6 years minimum, immutable via S3 Object Lock (designed)
- Exportable evidence pack in a format suitable for regulatory file
What is live today, and what isn't.
Want the regulatory pack?
The data room contains the full scope document, draft Programme of Operations and a code-to-control trace matrix. Access restricted to sophisticated / HNW investors and pre-approved counterparties.