Regulatory DataCorp (RDC) has renewed its agreement with Monzo, as the bank extends its next-generation customer screening technology extended to cover its US launch.
Monzo’s expansion into the US seeks to replicate its high level of risk coverage, which it implements throughout its UK operations, screening against global politically exposed persons, sanctions lists and adverse media.
Natasha Vernier, head of financial crime at Monzo Bank commented: “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.”
Monzo will also be able to configure screening thresholds in the US according to its requirements in the region with the use of RDC’s precise risk filtering technology, which makes it easy to focus results based on the type and level of risk.
Tom Walsh, RDC CEO added on the partnership: “We are delighted to be a part of Monzo’s exciting growth plans working alongside their compliance team to deliver next-generation screening data and technology that will continue to effectively protect against financial crime risk.
“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.”
The next phase of expansion for RDC and Monzo will arrive as the fintech firm looks to implement the same screening capabilities across its business account customers. RDC’s configurable risk filters will again be a pivotal part in rolling out an effective risk strategy for its book of business customers and in managing reputational risk at a time when financial institutions are placing more scrutiny on potential ramifications.