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Digital Identity, Security & Online Fraud

NICE Actimize chosen by Varo Money for AML protections

Tuesday 9 April 2019 | 10:37 AM CET

NICE Actimize has been chosen by all-mobile banking company Varo Money to implement its financial crime strategy for anti-money laundering protections.

These protections include AML/KYC requirements, sanctions screening, and transaction monitoring capabilities. As such, Varo will integrate NICE Actimize’s AML Essentials, a software-as-a-service (SaaS) solution designed to meet end-to-end AML detection requirements. It also provides multiple best-of-breed modules that detect and score a range of banking activities, such as customer due diligence, transaction monitoring, watch list filtering, and Suspicious Activity Report (or SAR) filings.

Varo’s mission is to help its customers facilitate their financial health and save more money, having its goal is to become the first mobile-centric national bank in US history. In August 2018, Varo was granted preliminary approval for a national bank charter by the Office of the Comptroller of the Currency (OCC).

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