InsightsAzimo improved AML risk management and reduced false positives
Azimo’s mission is to use technology to make financial services affordable and available to all by providing business owners and entrepreneurs with a cheaper, faster way to buy goods and services, pay staff and invest overseas.
Industry: Payments Product: Screening and Ongoing Monitoring
Azimo was dissatisfied with their global data solutions provider and needed to find a more reliable solution for AML compliance. Their data provider’s API was often down, and the compliance team was never given advance warning, which meant that Azimo would discover issues themselves, often after the company had been exposed to AML risk. As a result, Azimo was forced to bypass the system and run thousands of manual AML checks, resulting in significant payment delays and customer dissatisfaction.
In addition to these challenges, the inability to whitelist and the limited capabilities of their one-way API produced a high number of false positives. This meant that the same sender/beneficiary would be flagged for the same false positives (incorrect hits) every time the person made a payment, despite there being no change in the underlying AML data supplied by the provider. This was frustrating for Azimo’s compliance team and hugely inefficient. More worrying, though, was the negative impact this had on the customer experience.
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.