Netherlands-based neobanking firm Brand New Day has selected Sentinels as its anti-money laundering (AML) solutions provider.

Brand New Day, which secured banking authorisation in 2017, currently manages over €4.5bn for over 200,000 customers.

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Sentinels said, unlike many peers, Brand New Day has recorded rapid growth in the European neobanking space.

Brand New Day sought a transaction monitoring and compliance solution that could scale with it, the regtech provider added.

Sentinels claimed that its solutions are designed to scale with clients while providing actionable information for their compliance needs.

The tie-up with Sentinels is said to have decreased the neobank’s operational and resource spending while increasing its efficiency.

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Sentinels’ client risk profile is expected to prevent additional resource expenditure by giving compliance officers an overview of customers’ activity and allowing the challenger to focus on other due diligence measures.

Brand New Day CIO Gerjan de Lange added: “We are excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and futureproofed compliance solutions that are tailored to our core business goals and processes.

“We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”

Sentinels CEO Joost van Houten said: “We are thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.”