British challenger Monzo Bank has expanded its anti-money laundering (AML) partnership with Regulatory DataCorp (RDC).
Under the renewed partnership, the usage of RDC technology will be extended to the US, where Monzo recently expanded.
The new agreement builds on a two-year partnership where Monzo utilised RDC technology for filtering risks during customer on-boarding.
The collaboration seeks to offer highest level of risk coverage to Monzo’s US business. The challenger bank will also utilise RDC’s precise risk filtering technology to customise screening thresholds, based on requirement and risk level.
Monzo Bank head of financial crime Natasha Vernier said: “Rapid growth and international expansion have played an important part in our decision to renew the agreement with RDC as our global compliance screening provider.
“We need a solution that not only provides the most comprehensive and efficient risk screening coverage but one that easily scales in line with our growth and expansion plans – and we are confident that by working with RDC our anti-financial crime processes will be future-proofed for years to come.”
RDC CEO Tom Walsh said: “We know that speed, efficiency and scalability have been crucial to Monzo’s success over the past two years and we stand ready to continue delivering solutions that will meet and exceed their requirements as the bank goes from strength to strength.”
In the next phase, Monzo bank aims to deploy same RDC screening capabilities for its business accounts.
Overall, RDC supports around 1,000 global banks and financial institutions to combat criminal infiltration with its KYC/AML technology.
In September, the company rolled out AI Review, an artificial intelligence-powered compliance screening solution.