The team of co-founders and experts. | Image credit: AMLYZE
Lithuania-based RegTech company AMLYZE announced that it has launched a Screening Module to help financial institutions recognise and decrease potential risks linked to worldwide sanctions.
AMLYZE’s Screening Module leverages over 65 data sources to provide a comprehensive cross-referenced dataset with an average response time of 500 milliseconds. It is able to reduce the number of noisy returns by up to 60%, leading to a more efficient compliance process. The module offers over 40 parameters that can be adjusted to ensure accurate results.
The module offers at least 37 lists of sanctioned entities designated by different countries and international organisations, and eight lists of politically exposed persons (PEPs) collected from over 250 countries.
The company says that the module is easy to install and is customisable through its API connection. It can be used as a standalone product or as part of AMLYZE’s broader AML software solutions.
“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,” AMLYZE CEO and co-founder Gabrielius Erikas Bilkštys says.
He explains that launching the Screening Module, which focuses on sanctions, PEPs, and adverse media screening, addresses “the critical need for robust and efficient sanctions compliance tools”.
Bilkštys also highlights that leveraging advanced technologies empowers its customers with “enhanced capabilities to detect, monitor and manage the increasing risks associated with sanctions compliance”.
AMLYZE’s other recent feats
AMLYZE is a provider of anti-financial crime solutions and is operated by former regulators and anti-financial crime experts.
Notable names include the former head of the Bank of Lithuania Financial Market Supervision Service, Jekaterina Govina; former Lithuania’s supervisor of the Financial Intelligence Unit (FIU), Mindaugas Petrauskas; and the Bank of Lithuania former head of the Money Laundering Prevention Division, Eglė Kontautaitė.
AMLYZE took a major step in June by establishing a strategic collaboration with Salt Edge, a leading player in the open banking industry. This partnership aspires to enhance the range of solutions available to clients by harnessing their expertise in AML, open banking and PSD2 solutions.
In May, AMLYZE secured a €1m pre-seed investment round led by Practica Capital and FIRSTPICK. It plans to use the funding to scale its SaaS business, expand internationally and add advanced features to its core product offering.
The company received the “Enabler of the Year” award at the Lithuanian FinTech Market Awards in recognition of its accomplishments. Mastercard also selected it to represent the Lithuanian startup ecosystem in the LightHouse FINITIV FinTech programme.
AMLYZE announced its integration with banking software provider Skaleet in April of this year. The two companies have collaborated to strengthen transaction monitoring, screening, risk scoring and case management capabilities in the fight against global financial crime.
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