Global fintech offering a next-generation Core Banking Platform (CBP) Skaleet has announced its partnership with Salv, an Estonian regtech company.
This enables them to provide their customers with Anti-Money Laundering solutions (AML), including transaction monitoring, sanctions screening, and risk scoring.
Proceeds from criminal activity are estimated to account for 2-5% of global GDP (around USD 2 trillion), yet less than 1% is ever seized or frozen by law enforcement agencies. Financial institutions and banks play a key role in anti-money laundering, much of which is enforced by financial regulators, both by working with law enforcement agencies but also by identifying, disrupting, and stopping illegal activity themselves, says the official press release.
Financial institutions, and especially scaling fintechs, have the challenge of ensuring that they are compliant with numerous regulations across different countries. This normally entails employing multiple different methods, platforms, and checks etc. which is expensive and resource intensive. A key part of anti-money laundering is institutions and banks sharing information between each other to identify activity that should be checked. Fintechs, as they grow, adapt, and change, need AML tools that do the same, but instead they often have to use multiple providers with multiple solutions, all aimed at the same task, the official press release continues.
Salv has designed anti-money laundering tools that enable financial institutions to have an adaptable user-friendly platform that reportedly helps them to strengthen their defenses and minimizes risks to their businesses. Salv offers flexible tools, innovating and modernizing alongside the growing needs of fintech companies. Their technology is built to cover what is needed for institutions to be compliant, reducing the resource burden and enabling them to focus on disrupting and stopping illegal activity, according to the official press release.
Skaleet has designed a cloud-agnostic, SaaS-based technology platform that works together with Salv, enabling them to offer their customers an anti-money laundering capability that is compliant with financial regulations, but also effective, as stated by the official press release.
Skaleet works with clients to launch digital retail banking services, quickly, anywhere across the globe, adapted to the local, technological, cultural, and economic environment. Their offering, by partnering with Salv, now enables banks and financial institutions to ensure they are compliant with anti-money laundering regulations and strengthens their ability to spot and stop illegal activity taking place through them, the official press release concludes.