FICO Fintech 4finance Deploys AML and KYC Solution

Europe’s largest online and mobile consumer lender wins FICO Decisions Award for scale and speed of compliance program


4finance Group, Europe’s leading online and mobile consumer lender, has deployed FICO® TONBELLER® Siron® solutions for anti-money laundering (AML) and know your customer (KYC) compliance across 10 countries and 20 back-office systems in just nine months. The cloud-based FICO solutions are delivering audit-verified compliance with global and regional regulations while maintaining 4finance’s promise to issue customers a loan in 15 minutes. For these achievements, 4finance Group has won a 2017 FICO Decisions Award for Regulatory Compliance.

“Working with FICO, we created an AML/ KYC framework that bolstered our compliance without compromising on speed and our promise to customers,” said Andis Grandāns, AML Officer at 4finance Group, “In fact, fewer than 0.5 percent of customers applying for their first loan feel any impact on the speed of their loan being disbursed. As proof of our success, we have already undergone a regulatory audit on our AML/ KYC processes and received a clean bill of health.”

Speed to market

4finance Group is a global digital finance business that combines the discipline of a rigorous, highly regulated consumer lender with the capabilities and drive of a fast-paced, data-driven, borrower-focused fintech. It took on this project to ensure compliance with new requirements of the 4th European Union AML Directive in online consumer lending.

“Our challenge was to find an AML compliance solution that was flexible in the way it could be integrated, but absolutely robust when it came to compliance capabilities,” said Grandāns, “Our speed to market and our ability to deliver funds to our customers quickly are fundamental to our business. We needed to ensure compliance in a way that did not compromise our brand promise of delivering fast funds to creditworthy people. We chose FICO TONBELLER because it offered us the fastest deployment, cloud for expansion to new markets, and the most powerful capabilities for detecting criminal activity.”

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