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Mexican Neobank albo partners with Acuant to tackle AML/KYC compliance

By Pavithra R

March 24, 2021

  • Earned Wage Access
  • Mexico

Mexican Neobank albo partners with Acuant to tackle AML/KYC complianceAcuant, a global provider of identity verification, regulatory compliance (AML/KYC), and digital identity solutions, has announced partnering with albo, Mexico’s leading Neobank.

Under the partnership, albo will integrate Acuant’s Trusted Identity Platform to provide a seamless and secure digital Know Your Customer (KYC) experience for customers and to meet compliance with Anti-Money Laundering (AML) regulations issued by the Mexican authorities.

“Our partnership with Acuant means we can provide each client with a process that will keep their information safe, while complying with Mexican law and regulation requirements in the most accurate way. We are building a prosperous relationship with Acuant and we look forward to tackling the issue of AML fraud head-on,” said Oscar Cruz Hernández, Compliance Officer at albo.

Founded in 2016, albo provides customers with a digital bank account to receive or transfer money, while also providing personal finance. There are no fees, branches, waiting times or bureaucracy, giving individuals a complete and convenient digital experience.

Integrating Acuant Compliance technology enables albo to streamline KYC to analyze data collected for customers without impeding their privacy. This added security enables customers to make trusted transactions, while preserving the overall digital experience. The collaboration enables albo to manage fraud as it continues to transform the banking industry within the Latin America region.

Acuant’s digital identities technology and online banking solutions enable albo to be compliant, address digital fraud and continue to be a regulated fintech player in the region.

“Without compromising its AML/KYC needs, addressing regulatory compliance was a significant obstacle we have helped albo overcome, and we are delighted with the result. In the modern digital world, compliance and fraud prevention cannot be neglected to make way for efficiency – it needs to be all encompassing to provide customers a trusted service,” said Yossi Zekri, President and CEO at Acuant.

Acuant is a provider of identity verification, document authentication, and fraud prevention technology services. The company is said to have over 30 patents currently. Beyond identity proofing, Acuant Compliance (formerly IdentityMind) offers online risk management and automation for AML, KYC, transaction monitoring, and sanctions screening.

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