A Guide to Anti-Money Laundering for Crypto Firms
Raisin Bank teams up with ComplyAdvantage to scale its anti-money laundering program
Raisin DS’s servicing bank, Raisin Bank AG, is teaming up with ComplyAdvantage, the leader in AI-driven financial crime risk detection, to scale its anti-money laundering (AML) program. On the heels of launching as a cloud bank, Raisin Bank needed a provider that could keep pace with fast growth. The scalable solutions offered by ComplyAdvantage across customer screening and monitoring as well as transaction monitoring will support Raisin Bank’s Banking-as-a-Service offerings.
Raisin Bank offers banking services including customer and account management, payment processing and loans for international start-ups and financial service providers. The servicing bank has been part of Raisin DS since its acquisition by the fintech in 2019.
Stricter regulations require agile solutions
Money laundering represents a growing challenge for financial service providers and authorities worldwide. As a result, regulatory requirements for banks in the area of anti-money laundering have been strengthened. Financial services organizations are required to implement complex control mechanisms to identify users, verify them and react to changes at short notice. In addition to trained staff, banks are therefore dependent on the latest technologies to effectively monitor customer applications and transactions.
ComplyAdvantage simplifies the monitoring process
ComplyAdvantage’s AML solutions are helping fast-growing fintechs to meet these challenges. The company combines integration via a modern API with the latest regulatory technology innovations. Its customer screening and monitoring and transaction monitoring solutions enable Raisin Bank to make continuous improvements to its anti-money laundering procedures. ComplyAdvantage’s intuitive user interfaces also facilitates the work of the bank’s anti-money laundering officers. The system decides whether to stop suspicious payments or to review them in more detail based on rules with versatile settings and customization options.
Perfect complement for Raisin Bank’s core banking system
Traditionally, AML solutions are integrated into a bank’s software infrastructure and are difficult to improve beyond their initial capabilities. In contrast, ComplyAdvantage’s application is connected to Raisin Bank’s cloud-native core banking system via a standardized API and thus can be further developed and scaled independently. This enables ComplyAdvantage to fit perfectly with Raisin Bank’s technological approach.
Dominik Zühlke, Chief Product Officer at Raisin Bank, comments: “In ComplyAdvantage we have found a reliable and competent partner for Raisin Bank. With their adaptable solutions, we can continually advance the efficacy of our anti-money laundering efforts. Both our companies share a common understanding of what Banking-as-a-Service needs to be: a combination of modern technological products with customer centric consulting and support that focuses on making their businesses thrive.”
Charles Delingpole, Founder & CEO at ComplyAdvantage, adds: “Raisin Bank epitomizes the type of hypergrowth fintech solution provider that our AML solutions are ideally designed for. With API’s for easy integration, state-of-the-art tooling for AML analysts and the seamless onboarding of customers, our goal has always been to build intelligent solutions that help businesses like Raisin Bank to transact with trust so they can grow with confidence.”
About Raisin Bank
Raisin Bank AG targets Europe’s fast-growing fintech community with a wide range of innovative, tailored and reliable services. Raisin Bank offers expert advice and efficient Banking-as-a-Service solutions, particularly in the processing of loan portfolios and the receivables of selected borrowers. As a fronting and service bank with a full banking license, Raisin Bank supports the implementation of business models that require a banking license. Raisin Bank’s clients include fintechs like Raisin DS, Creditshelf and Exporo, as well as family offices and funds in the areas of loans, deposits, accounts and payment transactions, among others. The bank has been operating under the Raisin Bank AG name since April 2019 and is a wholly owned subsidiary of Raisin DS GmbH.
Raisin Bank / Raisin DS GmbH
Nicole Breforth & Maggie Bell
+49 160 218 65 24
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 700 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.
ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.
|North America Tim Donovan +1.510.593.0064 Tim.Donovan@ComplyAdvantage.com||EMEA Ben Goldsmith +44.0.7788.295321 email@example.com|