Lithuanian credit union group Kreda taps Amlyze for AML and compliance services
Kreda has selected the Lithuanian regtech company Amlyze, which provides financial crime solutions for fintechs, neobanks and crypto businesses, as its preferred provider of anti-money laundering and compliance services.
Kreda partners Amlyze for regtech solutions
As one of the largest united central credit unions in Lithuania with €500 million in assets under management, the Kreda group, which comprises of 14 credit unions, will leverage its partner’s Banking-as-a-Service (BaaS) multi-layer transaction monitoring solution in an attempt to “modernise and unify” its compliance standards.
The solution will also support the group in customer risk assessment, case management and sanctions screening.
The agreement marks the first time Amlyze has engaged with a partner with a significant geographical coverage and product portfolio, and succeeds its existing partnerships with the likes of the open banking platform Salt Edge, the core banking platform Skaleet, and its $1 million Practica Capital-led pre-seed funding round in May.
Gabrielius Bilkštys, CEO and co-founder of Amlyze, says his company will aim to help its newest partner “navigate the complex current regulatory landscape, detect financial crime and ensure the highest standards of compliance”.
Adding to this, Jolita Česonienė, head of administration and member of the board at Kreda, identifies the prevention of money laundering and terrorist financing as among the group’s key priorities, and says that the agreement will “ensure that our activities comply with all legal requirements, that the origin of funds is clear, and that monetary transactions are carried out promptly and in accordance with legal requirements”.
