Advanzia Bank, recognized for its Cards-as-a-Service solutions and digital-first approach, currently serves 2.8 million credit card customers across Europe.
To bolster its financial crime prevention efforts and support growth in diverse offerings and client segments, Advanzia has chosen AMLYZE’s Transaction Monitoring and Customer Screening modules.
This partnership is crucial for AMLYZE as it looks to expand into Western Europe. AMLYZE’s solutions are designed to help financial institutions scale operations, enhance compliance, and facilitate sustainable growth.
Beyond the technology adoption, Advanzia is also participating in AMLYZE’s latest investment round as an institutional investor, underscoring AMLYZE’s contribution to financial crime prevention technology.
With AMLYZE’s assistance, Advanzia Bank can better monitor transactions and screen customers against sanctions lists, politically exposed persons (PEP) databases, and adverse media sources. AMLYZE’s modular AML/CFT suite ensures efficient risk detection, optimized operations, and proactive regulatory compliance, enabling financial institutions to stay ahead of emerging threats while scaling sustainably.
Financial Crime Threats in Europe
According to the Global Financial Crime Report by Nasdaq Verafin, an estimated USD 750.2 billion of illicit funds flowed through Europe’s financial system in 2023. Key threats include fraud, money laundering, and the use of money mules.
Fraud is a significant threat to Europe’s financial industry, with an estimated USD 103.6 billion in fraud losses due to various scams and bank fraud incidents. Approximately USD 58.2 billion in money laundering activities were facilitated by individuals acting as money mules.
Cross-border laundering is particularly concerning, as about USD 194.9 billion of illicit funds were moved across European borders in 2023.
Financial institutions are responding to these crimes by investing in technologies such as artificial intelligence, machine learning, and cloud systems to detect and prevent them.
