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Raisin Bank selects ComplyAdvantage for anti-money laundering capability

By Joy Dumasia

December 07, 2021

  • AML
  • Compliance
  • Complyadvantage
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Raisin DS’s servicing bank, Raisin Bank AG, is teaming up with ComplyAdvantage, the leader in AI-driven financial crime risk detection, to scale its anti-money laundering (AML) program. On the heels of launching as a cloud bank, Raisin Bank needed a provider to keep pace with fast growth. The scalable solutions offered by ComplyAdvantage across customer screening and monitoring and transaction monitoring will support Raisin Bank’s Banking-as-a-Service offerings.

Money laundering represents a growing challenge for financial service providers and authorities worldwide. ComplyAdvantage’s AML solutions are helping fast-growing FinTechs to meet these challenges. The company combines integration with the latest regulatory technology innovations via a modern API. Its customer screening and monitoring and transaction monitoring solutions enable Raisin Bank to continuously improve its anti-money laundering procedures.

Traditionally, AML solutions are integrated into a bank’s software infrastructure and are challenging to improve beyond their initial capabilities. In contrast, ComplyAdvantage’s application is connected to Raisin Bank’s cloud-native core banking system via a standardized API and thus can be further developed and scaled independently. This enables ComplyAdvantage to fit perfectly with Raisin Bank’s technological approach.

Dominik Zühlke, Chief Product Officer at Raisin Bank, comments: “In ComplyAdvantage, we have found a reliable and competent partner for Raisin Bank. With their adaptable solutions, we can continually advance the efficacy of our anti-money laundering efforts. Both our companies share a common understanding of what Banking-as-a-Service needs to be: a combination of modern technological products with customer-centric consulting and support that focuses on making their businesses thrive.”

Charles Delingpole, Founder & CEO at ComplyAdvantage, adds: “Raisin Bank epitomizes the type of hypergrowth fintech solution provider that our AML solutions are ideally designed for. With API’s for easy integration, state-of-the-art tooling for AML analysts and the seamless onboarding of customers, our goal has always been to build intelligent solutions that help businesses like Raisin Bank to transact with trust so they can grow with confidence.”

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