Sentinels chosen by neobank Brand New Day to ensure AML compliance

Netherlands-based neobank Brand New Day has chosen risk management platform Sentinels to scale its anti-money laundering (AML) capabilities.

The decision has been influenced by the neobank’s growth since obtaining its banking licence in 2017. With its customer base increasing daily, Brand New Day has been on the lookout for a potential partner in the security market.

According to the neobank, Sentinels was chosen because of its “scalable compliance solution and active transaction monitoring”.

Gerjan de Lange, CIO at Brand New Day, commented: “We’re excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and future-proofed compliance solutions that are tailored to our core business goals and processes.

“We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”

Furthermore, what else has made Sentinels a preferable collaboration choice for Brand New Day is also the security firm’s automated development of client risk profiles, which the neobank is claiming has provided its compliance officers with “a clear overview of customer activity”.

Joost van Houten, CEO of Sentinels, said: “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licences.

“We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.”