Estonian financial group LHV has selected FICO TONBELLER Siron Anti Financial Crimes Solutions to combat money laundering issues as well as comply with a multiple European financial regulations.
Established in 1999, LHV serves nearly 135,000 banking clients and 180,000 investment clients.
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Under the collaboration, LHV will utilise the software’s customer risk scoring, screening, transaction monitoring and behaviour monitoring capabilities to adhere to the 4th and 5th EU Money Laundering Directives anti-money laundering (AML).
LHV chief risk officer Martti Singi said: “Our bank’s security and reputation are vital, and we need to make sure we operate according to changing global regulatory requirements.
“After reviewing the top solutions in the market, we concluded that FICO’s solution was the most powerful, comprehensive and flexible.
“In addition, we were impressed with their roadmap for AML analytics using artificial intelligence and machine learning.”
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By GlobalDataIt also intends to use know your customer (KYC) and other regulations to prevent financial crimes.
FICO compliance solutions vice-president Torsten Mayer said: “AML regulations are making it harder for criminals to launder money, and FICO is making it easier for banks like LHV to comply.
“This is a priority for banks worldwide, and no firm has as complete a solution as FICO.”
The financial group plans to open its branch in London this year. It has already received approval from the UK’s Financial Conduct Authority.
