RDC (Regulatory DataCorp) has renewed its settlement with Monzo, the UK’s fastest-growing bank, in a deal that may see the corporate’s next-generation buyer screening expertise prolonged to cowl the bank’s US launch – Anti-money Laundering Partnership . The association will construct on the success of the previous two years within the UK the place RDC’s knowledge and expertise is used to display screen for monetary crime threat as some 55,000 new clients join a Monzo account each week.
The settlement within the US will preserve the very best stage of threat protection at present carried out throughout Monzo’s UK enterprise operations, screening towards world politically uncovered individuals, sanctions lists and adversarial media. Monzo may even have the ability to configure screening thresholds within the US based on their necessities within the area with the usage of RDC’s exact threat filtering expertise, which makes it simple to focus outcomes primarily based on the sort and stage of threat.
RDC has a wealthy historical past working with fintech corporations and understands the distinctive challenges and necessities they face, usually supporting speedy growth and the necessity to onboard new clients rapidly and seamlessly. RDC’s real-time screening capabilities and false optimistic discount will proceed to be a important think about Monzo’s US operations because the bank appears to be like to keep up enroll instances of lower than 10 minutes.
“Rapid growth and international expansion have played an important part in our decision to renew the agreement with RDC as our global compliance screening provider,” mentioned Natasha Vernier, head of economic crime at Monzo Bank. “We need a solution that not only provides the most comprehensive and efficient risk screening coverage but one that easily scales in line with our growth and expansion plans – and we are confident that by working with RDC our anti-financial crime processes will be future-proofed for years to come.”
“We are delighted to be a part of Monzo’s exciting growth plans working alongside their compliance team to deliver next-generation screening data and technology that will continue to effectively protect against financial crime risk,” mentioned Tom Walsh, RDC CEO. “We know that speed, efficiency and scalability have been crucial to Monzo’s success over the past two years and we stand ready to continue delivering solutions that will meet and exceed their requirements as the bank goes from strength to strength.”
The subsequent part of growth for RDC and Monzo for Anti-money Laundering will arrive because the fintech chief appears to be like to implement the identical screening capabilities throughout its enterprise account clients. RDC’s configurable threat filters will once more be a pivotal half in rolling out an efficient threat technique for his or her e book of enterprise clients and in managing reputational threat at a time when monetary establishments are putting extra scrutiny on potential ramifications.
RDC, the Smarter ScreeningTM firm, prevents felony infiltration of the world’s monetary techniques by delivering clever, automated buyer screening and decision-ready intelligence. RDC serves greater than 1,000 world banks and monetary establishments and 35,000 compliance professionals throughout greater than 100 nations in strengthening their KYC/AML, fraud and politically uncovered individuals (PEPs) safety, making certain sanctions and watchlist compliance, defending their model and status and managing provide chain and vendor dangers. Based by 20 of the world’s main monetary establishments in 2002, at this time RDC is a Vista Fairness Companions portfolio firm. For extra data electronic mail [email protected] or go to www.rdc.com.
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