AMLYZE, a leading RegTech company specializing in anti-financial crime solutions for FinTechs, neo-banks and crypto businesses, is pleased to announce the launch of its latest solution, the Screening Module, designed primarily to help financial institutions’ to identify and mitigate risks associated with global sanctions.
Over the past two years, the world has witnessed an unprecedented increase in the number of sanctions imposed by regulators around the world.
According to Open Sanctions, the open-source international sanctions database, the European Union sanction list has increased the number of sanctioned individuals and organizations by 142% in the last two years, from 4,445 to 10,740. Russia’s aggression against Ukraine has served as a catalyst for an increased international response, with numerous countries imposing sanctions and embargoes to condemn these actions.
Since Russia’s annexation of Crimea in 2014, only the EU itself has imposed sanctions on 1,800 individuals and entities linked to Russia, according to a report by the European Banking Authority (EBA). These measures are unprecedented in scale and scope, says the EBA.
As financial institutions grapple with the complex challenges posed by this evolving landscape, AMLYZE has developed the Screening Module to enable organizations to effectively identify and mitigate the risks associated with global sanctions.
The launch of the AMLYZE Screening Module underscores the company’s unwavering commitment to developing comprehensive and future-proof AML solutions. As the regulatory landscape continues to evolve, AMLYZE remains at the forefront, enabling financial institutions to achieve compliance, mitigate risk and maintain the integrity of the global financial system.
The standard version of the new module has integrated more than 65 different datasets on sanctioned persons, entities, and politically exposed persons (PEPs) with the possibility of connecting negative media lists from global leading dataset providers.
“AMLYZE’s core team is made of former regulators and experienced anti-financial crime experts, so we are committed to delivering innovative solutions that enable financial institutions to navigate the ever-changing regulatory landscape. With the launch of our Screening Module, dedicated to sanctions, PEPs and adverse media screening, we aim to address the critical need for robust and efficient sanctions compliance tools. By leveraging advanced technologies, we provide our customers with enhanced capabilities to detect, monitor and manage the increasing risks associated with sanctions compliance”, – said Gabrielius Erikas Bilkštys, Chief Executive Officer and Co-Founder, at AMLYZE.
Key features of the Screening Module include:
- Up to 60% reduction in the number of noisy returns
• Over 40 different parameters available for tuning
• More than 65 data sources leveraged for the most accurate level of cross-referenced results
• An average of 500 milliseconds response to ensure the fluidity of all of operations
• At least 37 lists of sanctioned entities designated by different countries and international organizations to choose from
• At least 8 lists of PEPs collected from more than 250 countries in total
• Easy installation and customization through API connection
• Ability to use the Screening Module as a standalone product or as an integrated part of AMLYZE broader AML software solutions
AMLYZE is a Vilnius-based Software-as-a-Service (SaaS) provider offering a suite of anti-financial crime solutions.
Comprehensive modules include real-time and retrospective transaction monitoring, customer risk assessment, AML/CFT investigations, screening of sanctions, PEPs and adverse media.
With a team of experts boasting extensive experience in anti-money laundering, financial fraud prevention, and financial market supervision, including notable figures such as Jekaterina Govina, former Head of the Financial Market Supervision Service at the Bank of Lithuania, Mindaugas Petrauskas, former supervisor of the Financial Intelligence Unit (FIU) of Lithuania, and Eglė Kontautaitė, former Head of the Money Laundering Prevention Division at the Bank of Lithuania, AMLYZE delivers cutting-edge technology solutions that streamline AML/CFT and compliance processes to unprecedented levels of efficiency.
In May this year, the company successfully closed a €1 million pre-seed investment round led by Practica Capital, one of the leading venture capital firms in the Baltics, and FIRSTPICK, an accelerator and venture capital fund investing in technology companies across the Baltics.