AMLYZE onboards Advanzia Bank as its latest client, expanding into Europe

According to the company, Advanzia Bank, known for its Cards-as-a-Service solutions and digital-first approach, currently serves 2.8 million credit card customers across Europe. 

The bank has selected AMLYZE’s Transaction Monitoring and Customer Screening modules to strengthen its financial crime prevention framework and to support scalable compliance as it diversifies its offerings and client segments. 

For AMLYZE, this partnership is important to its expansion into Western Europe. Its solutions can assist financial institutions in scaling their operations, optimising compliance, and facilitating growth.  

This partnership extends beyond technology adoption, as Advanzia is participating in AMLYZE’s latest investment round as an institutional investor, highlighting AMLYZE’s contribution to financial crime prevention technology. 

By collaborating with AMLYZE, Advanzia Bank strengthens its ability to monitor transactions and screen customers against sanctions lists, politically exposed persons (PEP) databases, and adverse media sources. AMLYZE’s modular AML/CFT suite ensures efficient risk detection, optimised operations, and proactive regulatory compliance, helping financial institutions to stay ahead of emerging threats while scaling sustainably. 

Europe is facing increasing financial crime threats, reports show

According to the Global Financial Crime Report, in 2023, an estimated USD 750.2 billion of illicit funds flowed through Europe’s financial system. Major threats include fraud, money laundering, and the use of money mules. 

Fraud is also a significant threat to Europe’s financial industry, with an estimated USD 103.6 billion in fraud losses resulting from various scams and bank fraud incidents. An estimated USD 58.2 billion in money laundering activity was facilitated by money mules, individuals who transfer illicit funds on behalf of criminals. 

Cross-border laundering is particularly concerning, as in 2023, approximately USD 194.9 billion of illicit funds were moved across European borders. 

Financial institutions are addressing these crimes by investing in technologies such as artificial intelligence, machine learning, and cloud systems to detect and prevent them.