US-based fraud detection platform Abrigo has teamed with RiskScout for high-risk due diligence and onboarding.
Abrigo's financial crime detection platform, BAM+, is used by financial institutions to detect and prevent money laundering and fraud, protecting the institution and their clients from financial harm. This new partnership with RiskScout facilitates financial institutions pursuing higher risk commercial markets to automate and reduce risk with high-growth, new sectors, including cannabis-related businesses (CRBs), hemp-related businesses, cryptocurrency, ATMs, and money service businesses (MSBs).
Abrigo’s representative stated that for many institutions, CRBs and other high risk commercial clients are an important area of growth but can also be replete with additional compliance hurdles. They are happy to announce this partnership with RiskScout because of the team's proven ability to help banks and credit unions service those clients.
In a recent CSBS index, 78% of community bankers signalled they believe regulatory burden will increase in 2022. When bank margins are slim and hiring remains a challenge, the technology and expertise of providers like Abrigo and RiskScout may alleviate inefficiency and staffing shortages. Both companies, Abrigo and RiskScout, will appear together at the ACAMS Hollywood Conference later in March 2022 and again at Abrigo's national conference, ThinkBIG, in May 2022.
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