Global FinTech Company Implements Automated & Scalable AML Program

As FinTech organizations grow and expand their infrastructure and staff, processing time for due diligence needs to efficiently address a customer’s needs. As more global citizens participate in the FinTech economy, high false positive rates and lack of supporting documentation can slow down decisioning.

Working with RDC enabled this client to streamline on-boarding with decision-ready, dynamic due diligence reports and enhance protection with ongoing monitoring of the clients’ portfolios for material changes. The addition of human oversight as a first line of investigations provided an extra layer of screening protection and quality, materially lowering the false positive rate.

High growth Financial Technology company implements scalable and automated AML program

The Client: 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.

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.

Partnering with RDC

The client was impressed with RDC’s ability to fully understand their specific requirements. 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 clients ability to focus adverse media screening on the specific risks facing their business, and analysts work as an extension of the clients compliance team, taking some of the workload off their plate by performing false positive and materiality reviews working with the clients rules.

Proven Results

By partnering with RDC, 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 of the RDC Solution

Robust Global Coverage
At over 9M+ profiles of risk-relevant individuals and organizations, RDC has the world’s largest risk compliance database. Covering sanctions and watch lists, PEPs, as well as global adverse media, RDC was able to provide this client with a single solution that significantly reduced manual workload.

Global Consistency
By leveraging RDC’s platform, this 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.

Transparency & Auditability
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.