Latest Clarus.IO News
Jun 1, 2018
1 hour ago | 564 views | 0Source: SolarisBank SolarisBank, the Berlin-based “banking platform” and Clarus.io, an Israeli Regtech startup that develops tools for detecting and preventing financial crime, have recently signed a partnership agreement. The partnership will enable SolarisBank to streamline its compliance processes and thus scale its local and international activity using Clarus’s transaction monitoring platform. “As a financial institution that aims to enable innovation in the financial services sector, we see SolarisBank as a natural partner.” Said Clarus.io CEO Nir Mandel, adding that “AML Compliance is expensive, time consuming and knowledge reliant and we aim to easy that pain for growing fintech startups and financial institutions”. “It’s been a very collaborative and fast-paced process working with Clarus.io due to their great knowledge of compliance requirements” said Till Harnos, Head of Transactional Products solarisBank. “We received tremendous guidance in the onboarding process to bringing the product live and are very much looking forward to future system enhancements” Transaction Monitoring is often the overlooked element of AML Compliance. By analyzing customer information procured during the KYC process, against the customers actual activity, suspicious patterns, outliers and activity that mirrors known money laundering schemes can be identified, investigated and reported. Recent regulations, including the 4th EU Money Laundering Directive (MLD4) have made transaction monitoring a requirement for every regulated entity.