Lithuania-based regtech AMLYZE has partnered with fraud prevention company Ondato to help financial institutions match business growth with risk exposure. This partnership brings together two leading financial crime prevention and compliance services providers with the aim of creating value and synergies for the fast-growing financial services ecosystem.

Officials from AMLYZE said that global fines for failing to prevent money laundering and other financial crime surged more than 50% in 2022. The financial market players need to invest in automatised regtech solutions. They believe cooperation between AMLYZE and Ondato will help financial institutions better understand the importance of investing in prevention, rather than paying fines.

Blending technologies to assist mutual clients The combination of Ondato and AMLYZE technologies will streamline KYC and AML procedures, assuring a high standard of financial crime prevention. It will also enable the two systems to communicate in order to eliminate compliance risks and produce results for their shared customers. In addition to the cooperation in the acquisition of new customers, AMLYZE and Ondato’s partnership will also include working together to build new AML/CFT and KYC solutions to better satisfy their current and future clients.

What does AMLYZE do? AMLYZE is a Software-as-a-Service (SaaS) AML/CFT offering different modules for real-time and retrospective transaction monitoring, customers risk scoring, case management, and sanctions screening. AMLYZE has brought together tech, regulatory, product, and supervisory experts to support its clients’ businesses’ growth while ensuring their risk exposure is well mitigated. More information about Ondato Ondato is a tech company that streamlines KYC and AML-related processes.

Ondato provides technological solutions such as digital identity verification, business customer onboarding, data validation, authentication, and more. These provide a high standard of KYC online or offline onboarding for all business and customer types, orchestrated from a single interface. Ondato is turning compliance into a business benefit for its customers, helping to create a better and safer environment for organisations and individuals.

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