Eclear and Fraugster launch partnership

Some regulate taxes for their customers, others want to prevent fraud in transactions. Now they are working together in the fight against money laundering.

Fintech Eclear is now relying on the German-Israeli company Fraugster in the fight against money laundering. Customers of the tax clearing house for cross-border e-commerce now have access to lists of sanctioned companies or so-called politically exposed persons (PEPs) in order to identify and prevent the risks of money laundering (AML) at an early stage. " Working with Fraugster as a technology partner enables us to improve our AML risk management. We are very pleased about this partnership," says Anne-Katrin Gewohn, Chief Risk Officer at Eclear.

Founded in 2016 by Roman Maria Koidl, Eclear only received permission from the German Federal Financial Supervisory Authority (Bafin) to provide payment services in May of this year and can therefore pay the VAT on transactions itself. For e-commerce customers, Eclear's service has the advantage that they do not have to register for tax purposes or submit a tax return in the countries of destination.

"The AML risk affects every organization that processes transactions - from banks to e-commerce merchants," explains Christian Mangold, Co-CEO of Fraugster. The start-up has developed an AI for fraud prevention and manages the costs after fraud has occurred. Customers include Ratepay and Worldline.