FX Provider Blacklists
A FX Provider may be unwilling to facilitate payments from or to specific banks in its own or other countries, where they do not have confidence in that banks” AML and sanctions screening processes. In this case, the FX Provider can add the specific bank to a blacklist. This means that:
- Before a quote is issued, Nexus will check that the FX Provider has not blacklisted the Source Bank. Nexus will not show the Source Bank quotes from FX Providers that have blacklisted it.
- The Destination Bank will be checked against the FX Provider’s blacklist during the Account Validation stage. If the Destination Bank is on the blacklist, a new quote will need to be retrieved from a different FX Provider.