AMLYZE, a prominent company specializing in Regulatory Technology (RegTech) solutions for combating financial crime, has entered into a partnership with Bendras finansavimas, the operator behind the peer-to-peer lending and crowdfunding platform known as Savy. The collaboration entails AMLYZE serving as the primary provider of anti-money laundering (AML) prevention and compliance solutions for Savy.
Under this agreement, the Savy platform will integrate AMLYZE's core modules, encompassing customer risk assessment, retrospective transaction monitoring, case management, and international sanctions screening. By formalising this contract, Savy aims to demonstrate its commitment to upholding rigorous compliance standards and preventing financial crimes.
It is noteworthy that Savy is the second peer-to-peer lending platform to opt for AMLYZE's compliance service modules. In the company press release, officials from AMLYZE emphasised the growing relevance of AML and counter-terrorism financing requirements, not only for traditional financial institutions but also for businesses closely involved in financial transactions.
The press release also details that Savy, established in 2014, has facilitated over EUR 80 million in loans, as it stands as one of Lithuania's pioneering fintech startups and the first peer-to-peer lending platform.
Officials from Bendras finansavimas highlighted the increasingly stringent requirements imposed on fintech institutions in terms of money laundering prevention and counter-terrorism financing. As part of their international expansion strategy, they have chosen to collaborate with industry experts.
AMLYZE, based in Vilnius, operates as a Software-as-a-Service (SaaS) regtech provider, offering a suite of anti-financial crime solutions for various financial services providers. The company's modules encompass real-time and retrospective transaction monitoring, customer risk assessment, AML/CFT investigations, and screening for sanctions, Politically Exposed Persons (PEPs), and adverse media.
AMLYZE's products are the result of a team of experts and former regulators with extensive experience in overseeing financial market participants during their roles in central banks and law enforcement agencies. Their insights into the regulatory landscape and market challenges have facilitated the development of new technology solutions designed to significantly improve AML/CFT and compliance processes.
In a noteworthy development earlier this year, AMLYZE secured EUR 1 million in pre-seed investment through a funding round led by Practica Capital, which is a venture capital firm in the Baltics, and FIRSTPICK, an accelerator and venture capital fund dedicated to technology companies across the Baltics.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now