Accuity, the leading global provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, announced that it is working with DEGIRO, the fast growing FinTech and largest online broker in the Netherlands, to automate customer account screening using a comprehensive range of sanctions and watchlist data sets.
DEGIRO has quickly become one of the largest brokers in Europe, which has gained the business significant attention. The FinTech firm is subject to the same anti-money laundering (AML) and counter-terrorist financing legislation as banks and financial institutions.
To help improve risk management and streamline the customer on-boarding experience, DEGIRO is using Firco Compliance Link to automate account screening, allowing the business to continue to scale its on-boarding process and keep pace with its fast expansion. DEGIRO will also benefit from Global WatchList™ data from Accuity which, when used in conjunction with Firco Compliance Link, will reduce false positive matches and effectively uncover potential risks.
COO of DEGIRO, Esmond Berkhout said, “We are committed to upholding the highest financial crime compliance standards and are continually reviewing our compliance processes to meet regulatory requirements, but also to help streamline our operations and offer the best service to our clients.”
Berkhout continued, “Firco Compliance Link has a long history and a good reputation in the market in relation to KYC solutions. We can now create more meaningful screening matches and still give our clients a good on-boarding experience. It also provides an automatic online audit trail, which is required by regulators, and gives us confidence in our financial transactions.”
Firco Compliance Link is an automated and comprehensive solution providing a consolidated view of all account, transaction and trade screening activity. The product provides a complete audit trail and can be installed either as a SaaS solution or as an on-premise installation.
Nick Wilson, EMEA Director at Accuity, said, “We are excited to be working with DEGIRO and to be part of its journey of rapid expansion. The business is breaking boundaries through its diligent attitude and approach to financial crime compliance. By working with FinTechs like DEGIRO, we are able to support their growth through our ability to scale, whilst providing a proven solution that has been trusted by global financial institutions for many years.”