KREDA partners with AMLYZE

Monday 25 September 2023 10:19 CET | News

Lithuania-based KREDA has selected AMLYZE as its anti-money laundering and compliance services provider. 

KREDA is one of the first clients with a wide network of financial institutions, choosing the company’s multi-layer transaction monitoring solution. The agreement solidifies KREDA’s decision to modernise and unify compliance standards across all 14 credit unions within its group, as well as AMLYZE’s intention to provide solutions specially tailored to the needs of its clients. 

Lithuania-based KREDA has selected AMLYZE as its anti-money laundering and compliance services provider.


The partnership’s objective

According to AMLYZE’s officials, the partnership underlines the company’s commitment to helping organisations navigate the current regulatory environment, detect financial crime, and ensure compliance. By integrating AMLYZE’s Banking-as-a-Service (BaaS) monitoring solution into KEDRA’s operations, the companies plan on strengthening the latter’s financial integrity and safeguarding operations against money laundering risks.

KREDA stated that its decision to partner with AMLYZE is based on the relevance of the company’s solutions and its experience with former regulators. In addition to decreasing financial crime levels, the partnership aims to contribute to the sustainable expansion of the KREDA Group and to maintain compliance with all legal requirements. One of KREDA’s priorities is preventing money laundering and terrorist attacks, and the agreement signed with AMLYZE may help in consolidating its efforts and bringing them to a higher level.

KREDA plans to use all of AMLYZE’s modules for transaction monitoring, customer risk assessment, case management, and sanctions screening for its daily compliance needs.

More information about KREDA

Managed by the United Central Credit Union (UCCU), KREDA Group’s assets under management increased by 83% to EUR 449.2 million, while their deposit portfolio grew by 84% to EUR 395.3 million and loan portfolio by 81% to EUR 389.2 million. Moreover, according to the company, their profits reached EUR 1.8 million and the market share of credit unions increased to 36.7% in the first quarter of 2023. 

AMLYZE’s latest developments

Based in Vilnius, AMLYZE is a Software-as-a-Service (SaaS) RegTech offering a suite of anti-financial crime solutions for all types of financial services providers. Some of the company’s modules include real-time and retrospective transaction monitors, customer risk assessment, AML/CFT investigations, screening of sanctions, PEPs, and adverse media.

Recently, AMLYZE underwent multiple developments including the launch of its in-house designed screening tool, a solution that helps financial institutions find and mitigate global sanctions risks. The Screening Module enables organisations to effectively identify and alleviate risks, considering the current evolving landscape and its complex challenges.

Moreover, In June 2023, AMLYZE partnered with Salt Edge to improve both companies’ client offerings by leveraging their expertise related to anti-money laundering, Open Banking, and PSD2 solutions.

In May 2023, the company raised EUR 939,900 in a pre-seed investment round led by Practica Capital. The company is set to leverage the additional funding towards expanding its reach past the Baltic States, as it continues to grow its solution set for fintechs, neobanks, and crypto businesses. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: AML, SaaS, BaaS, fraud prevention, fraud detection, regulation, compliance
Categories: Fraud & Financial Crime
Companies: AMLYZE
Countries: World
This article is part of category

Fraud & Financial Crime


Discover all the Company news on AMLYZE and other articles related to AMLYZE in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events