The Challenge
In late 2021, a Lithuanian EMI (Electronic Money Institution) sought our expertise in finding an AML solution. Their primary objective was to achieve complete adherence to the AMLD6 (Anti-Money Laundering Directive 6) requirements set forth by the European Union. Understanding the criticality of compliance in the financial industry, we embarked on this partnership with a commitment to providing a robust AML solution.
Our client chose D8 Corporation due to our previous experience with AML solutions and our willingness to implement a Proof of Concept (POC) project for a limited period of 3 months. After successful POC and being satisfied with our platform’s effectiveness, our client signed up for the full project.
Solution We Offered
Our team of experts thoroughly analyzed the specific needs and regulatory obligations of the Lithuanian EMI in line with the AMLD6 directive. By leveraging our deep understanding of AMLD6, industry best practices, and cutting-edge technology, we offered a customized version of our Anti Money Laundering Platform.
The Anti Money Laundering Platform encompasses comprehensive features such as customer due diligence, transaction monitoring, risk assessment, and regulatory reporting. Leveraging advanced rule capabilities and behavioral analytics techniques, our solution enabled the EMI to detect and mitigate money laundering activities. Furthermore, it provided real-time alerts and comprehensive reporting capabilities, facilitating prompt decision-making and ensuring compliance with AMLD6.
Another crucial step was the POC before making a final decision. Our client wanted to test our solution first, to make sure that it meets their performance benchmark. We engaged in a 3-month long POC project with client-specified KPIs. After we proved our ability to reach those KPIs, our client was more than happy to close a long-term contract for AML solution with us.
By partnering with us and implementing our AML solution, the Lithuanian EMI achieved its main objective of full compliance with the AMLD6 directive. Our robust solution enhanced their ability to detect and prevent money laundering activities. As financial regulations evolve, we remain committed to regular updates of our platform to meet all of the updated regulatory requirements.
The Results
- Launched an automated KYC processing for all new applications
- Launched several risk-scoring models for approved customers
- Full compliance with AMLD6 requirements for screening & reporting
- Continuous monitoring of incoming/outgoing payments for all customers
