/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

VP Bank selects Ripjar’s Labyrinth Screening Platform

Source: Ripjar

Ripjar, the trusted provider for tackling financial crime, today partners with Liechtenstein-based VP Bank to bolster its media screening capabilities in the fight against criminal behaviour.

The partnership is part of VP Bank’s wider efforts to upgrade and further digitise its systems and will see the financial organisation implement Ripjar’s Labyrinth Screening Platform, which seamlessly blends structured and unstructured data, to identify potential client risks in real-time.

Financial institutions are facing increased regulatory and compliance challenges, with governments around the world looking to crack down on the threat of money laundering and terrorism financing. For example, the European Union’s Anti-Money Laundering Directives continue to evolve, meaning banks need to ensure they're able to respond to the latest guidance to remain compliant.

The Ripjar solution combines Software as a Service (SaaS) and private cloud elements to meet VP Bank's exacting requirements, providing a highly secure system which is vital when looking to remain compliant while operating across global touchpoints.

With Ripjar’s technology in place VP Bank will be able to proactively identify customers who are, or potentially could be, involved in illegal activities including money laundering, fraud and terrorism.

The solution automates and improves existing adverse media and watchlist screening programmes and supports wide ranging scripts and languages. This is particularly important for VP Bank which runs operations across Europe and Asia. Phase one of the project - to implement enhanced media screening - is set to be completed by the end of the year (2022).

Jeremy Annis, CEO, Ripjar said: “The regulatory burden on financial institutions continues to grow and at Ripjar we understand the everyday challenges this presents to financial crime investigations departments.

“We’re delighted to be partnering with VP Bank to help remove this pain and complexity. Not only will our technology help VP Bank adapt to the changing needs/expectations of global regulators but it will advance the organisation's ability to proactively identify and combat risk.”

Markus Reinacher, Head Group Compliance & Operational Risk at VP Bank Group said: “As regulators across the globe, and also in the European Union and associated bodies, strengthen and develop anti-money laundering legislation it's of critical importance that we remain ahead of the curve. A core component of this is having the technologies in place to run advanced media screening.

“Ripjar has a pedigree in supporting European financial institutions, as well as those that run operations across the globe. This made them the perfect fit to support the requirements of VP Bank.”

Comments: (0)