Scale your business with effective FinCrime management and reduce costs via automation
A financial crime risk quantification platform enabling fincrime risk to be identified, mitigated and managed in real time for your FinTech and everyone you do business with.
Achieve regulatory compliance, empower your teams to focus on scalibility and afficiency, while automating EDD and customer onboarding.
A market leader FinTech in Europe, which is a regulated e-wallet offering multi-currency IBAN`s and cross-border transactions, utilised the EFI to analyse the profiles of their customers and underlying customer transactions. Despite having integrated transaction screening tools in place, the comprehensive analyses from the EFI highlighted malfunctions of the existing screening tools which highlighted missed transactions of high risk clients, involved in prohibited businesses.
The EFI platform flagged that the purpose of the account for these affected customers did not meet the actual nature of the account usage, which transaction screening tools failed to identify.
The Client conducted an investigation on its` affected customer base. Where a fraud investigation arose for one of the customers, the client was able to rely on the EFI platform to evidence and support their investigatory outcomes which were ultimately provided to law enforcement.
The situation also highlighted that existing transaction monitoring solutions are limited in scope and that ongoing financial crime risk quantification and analysis are critical for healthy growth.
Fintechs spend almost two-thirds of their budget for people and training.
Fintechs are more likely than other respondent groups to cite complacency (43%) and a lack of understanding of money laundering methodologies (48%) as the biggest internal barriers to fighting money laundering.
With more than a third (34%) of respondents believing that corporate effectiveness will be improved for FinTechs if all staff received the same education on financial crime risk.
Automate my risk assessment
Better monitor my affiliates
Automate board reporting
Strengthen my
correspondent relationships
Offer better products to my clients
(i.e. nesting/currency)
New correspondent relationships
Lower compliance cost
Lower payment costs
Be competitive in the market
Strengthen my regulatory relationship
Automate own risk assessment
Better monitor my affiliates
Automate board reporting
Strengthen my correspondent relationships
Offer better products to my clients (i.e. nesting/currency)
New correspondent relationships
Lower compliance cost
Lower payment costs
Be competitive in the market
Strengthen my regulatory relationship