https://thepaypers.com/digital-identity-security-online-fraud/viena-saskaita-partners-with-amlyze-to-prevent-money-laundering--1265708

Lithuania-based Viena Saskaita has partnered with AMLYZE, a regtech company specialising in anti-financial crime, to provide money-laundering prevention and compliance solutions to its clients.

Viena Saskaita operates in a segment with low money-laundering prevention and terrorist financing risks through utility payments and tax collection. Thus, through this alliance, Viena Saskaita aims to use AMLYZE’s services such as client risk assessment, transaction monitoring, case management, and international sanctions screening to improve its security. Moreover, the company intends to enable compliance from a single service provider.

As per AMLYZE officials, money laundering prevention should be perceived as an obligation not only for banks but also for other regulated entities that are legally obliged to apply compliance standards.

Viena Saskaita prevention of money laundering and terrorist financing

The Law on the Prevention of Money Laundering and Terrorist Financing in Lithuania requires compliance in more than 10 different business sectors. Despite not being a significant global financial center, Lithuania’s concern comes from its geographical location. Sharing borders with Russia and Belarus has exposed it to certain vulnerabilities, making it a target for illicit activities such as smuggling and tax evasion.

Additionally, according to the Viena Saskaita’s official press release, geopolitical events of recent years, and the growing threat of support for terrorist organisations led to a lower trust in anti-money laundering controls.

Considering this, Viena Saskaita, a payment institution licence issued by the Bank of Lithuania, chose AMLYZE as a partner due to its expertise which includes various types of institutions with different ML/TF risks. In addition to financial and credit institutions, it also includes cryptocurrency service providers and peer-to-peer lending platforms.

Therefore, AMLYZE intends to develop solutions to combat financial crime that will help its partner identify suspicious payments and optimise its processes for both businesses and consumers.

Previous AMLYZE’s anti-money laundering partnerships

In November 2023, AMLYZE entered a strategic partnership with Plumery aiming to improve the landscape of financial technology. With its objective being to combat financial crime, AMLYZE provided a suite of Software-as-a-Service (SaaS) solutions for fintechs, banks, and crypto businesses.

The company’s knowledge in real-time and retrospective transaction monitoring, client scoring, Anti-Money Laundering (AML) investigations, Politically Exposed Persons (PEP), sanctions, and adverse media screening, stands to support the company’s commitment to decrease financial fraud.

Earlier same year, AMLYZE formed a strategic partnership with identity verification service provider Shufti Pro to and improve its anti-financial crime solutions.