Balancing regulatory compliance with operational efficiency and a seamless customer experience.
In today’s interconnected business landscape, expanding into new markets, especially emerging ones, offers exciting growth potential. However, this this comes with regulatory complexity, especially when navigating jurisdictions with differing rules, documentation standards, and risk perceptions.
In this edition of Virto Corner, Connor O’Keane, Compliance Manager at Virto, breaks down how his team approaches regulatory compliance without compromising operational efficiency or customer experience.
Compliance Is a Catalyst, not a Roadblock
“Compliance is often viewed as the necessary evil,” Connor says, “but in reality, it’s a critical enabler for any business looking to scale responsibly.”
Virto, a global payments and FX firm, holds multiple licences across various jurisdictions, each with its own regulatory expectations. For emerging markets in particular, the challenge lies in satisfying international compliance standards while working with clients who may not be used to such formalities.
To bridge this gap, Connor emphasizes clarity and transparency. “We’re always prescriptive about why we’re requesting a document,” he explains. “We show how it ties back to regulatory requirements. That builds trust and shows clients there’s a real reason behind the mask.”
Understanding Local Nuances: One Size Does Not Fit All
Emerging markets like Africa are diverse. What works in South Africa may not work in Nigeria or Kenya. That’s why Virto relies on regional teams who understand local documentation norms, regulatory expectations, and customer behavior.
By embedding this local knowledge into the compliance process, Virto ensures that its operations are globally consistent while being locally relevant.
The Operational Hurdles: Managing Unstructured Data and Risk
One of the biggest challenges in onboarding is the variation in documents. Unlike in more established markets where business addresses and websites are the norm, many businesses in emerging markets operate informally or without digital footprints.
To address this, Virto uses a combination of RegTech, machine learning, and even geolocation technology or site visits to verify customers and build trust. Once a document or pattern is authenticated, the system learns from it, improving future verification and reducing false flags.
Virto also recognizes that customers shouldn’t be evaluated solely at onboarding. “We’re building dynamic risk profiles that evolve over time based on how customers use our platform and transact,” Connor shares. This behavioural data allows Virto to be more nuanced in its compliance checks and reduce unnecessary friction.
Don’t Assume. Understand.
For founders or operators looking to expand into regulated markets, Connor offers a key takeaway:
“Don’t assume a one-size-fits-all approach to compliance. Take the time to fully understand regulatory expectations before you launch. It’s far less painful to get it right from the start than to fix it later.”
Compliance as a Competitive Advantage
At Virto, compliance isn’t a barrier, it’s a strategic asset. By combining local insight, smart technology, and a risk-based approach, the company ensures regulatory alignment without slowing down growth.
Whether it’s onboarding customers in complex markets, validating unique documentation, or balancing risk with opportunity, Virto is proving that scaling smart means scaling compliantly.
Listen to the full conversation on Virto Corner for more insights on how compliance can power your global expansion, not hinder it.
Don’t miss Conor's top advice. Access Verto’s handbook on compliance for businesses navigating global payments in a turbulent economic climate here https://hubs.ly/Q03wQKTm0
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