Lithuania-based European Merchant Bank, licensed by the European Central Bank, has joined forces with AMLYZE, a SaaS RegTech company, to fortify its AML and CFT framework.
This partnership underscores the bank’s dedication to enhancing its compliance procedures and earning the trust of regulators, partners, and customers through improved governance, operational resilience, and AML/CFT safeguards in a constantly evolving regulatory landscape.
Boosting Compliance Efforts
European Merchant Bank plans to incorporate AMLYZE’s comprehensive suite of products, covering areas such as transaction monitoring, customer risk evaluation, anti-money laundering (AML) investigations, customer screening, and payment screening. This integration is expected to support the bank’s expanding portfolio of SME and fintech clients by providing advanced risk detection capabilities, rapid investigation processes, and adaptable compliance operations across various banking services.
AMLYZE was developed by former regulators and AML specialists with a mission to facilitate regulatory compliance through simplicity and transparency. European Merchant Bank views adherence to regulatory standards as vital for sustainable banking operations, hence their selection of AMLYZE to align with their long-term goals of responsibility. The platform’s capabilities will enable the bank to refine its control systems while continuing to serve SMEs in Lithuania and companies worldwide.
A spokesperson from Fintech Hub LT noted that this collaboration exemplifies the growing local fintech sector, indicating a trend among businesses and banks in Lithuania towards choosing compliance solutions developed domestically. This choice reflects technological advancement and increased sophistication within the ecosystem.
The partnership with European Merchant Bank marks a significant step for AMLYZE in its efforts to expand its presence in the regulated banking sector both locally and internationally. The bank’s decision was influenced by AMLYZE’s unique positioning as a RegTech provider founded and driven by former regulators and senior AML experts, which is crucial given European Merchant Bank’s direct supervision by the European Central Bank and the high regulatory standards it must meet.
