Global FinTech Company Implements Automated & Scalable AML Program

Client Overview

The client is a high growth UK financial technology (FinTech) company in the peer-to-peer lending space, providing a unique alternative invoicing finance solution to hundreds of companies, many of whom are small, growing businesses themselves. Primarily an online business, the key to the success of this company lies in their ability to quickly and efficiently onboard new customers while ensuring they remain compliant with regulatory obligations.

Business Challenge

The client needed to enhance and automate their anti-money laundering (AML) and client screening program to meet the needs of their growing business. Facing a regulatory requirement to thoroughly screen customers for risk, the organization needed to keep onboarding time to a minimum. As a high growth company in the Fintech space, the compliance team was small, struggling with increased manual workload, and needed to improve efficiency with a solution that could scale in order to evolve and grow with the business.

Solution Highlights

With RDC Review coupled with Portfolio Monitoring, the client has automated client screening via a secure, cloud-based platform that offers the longterm scalability required by this developing business, along with AMP capabilities for future integration into client’s internal platform.
RDC’s fully configurable filtering engine powers the client’s ability to focus adverse media screening on the specific risks facing their business and analysts work as an extension of the client’s compliance team, taking some of the workloads off their plate by performing false positive and materiality reviews working with the client’s rules.
The client has succeeded in automating what had previously been a manual process, allowing them to focus investment on their core business activities. This automation offers maximum protection from reputational risk – utilizing adverse media to detect unknown risks.

Benefits

RDC was able to provide this client with a single solution that significantly reduced manual workload.
The client was able to define and manage the screening rules through a centralized function, giving the organization the ability to scale at a fast pace.
The RDC solution provides insights into the content added, all matches, analyst decisions, and other details, allowing clients to provide close oversight of the RDC performance as well as to confidently talk to investors about their risk management process.