Challenger OakNorth is expanding its use of technology from a fintech supplier to ensure it meets anti-money laundering regulations.
The bank initially began using technology from ComplyAdvantage earlier this year, when it replaced incumbent supplier World-Check with the fintechs anti-money laundering screening platform. Using a ComplyAdvantage database, this service checks names of customers onboarding against politically exposed person (PEP) lists, sanctions lists and adverse media.
OakNorth, which has a policy of looking to the fintech sector for products and services, is now looking at automated transaction monitoring from ComplyAdvantage.
OakNorth got its UK banking licence in March 2015. It targets lending at high-growth small and medium-sized enterprises (SMEs) and now has over 140,000 savings customers with its pre-tax profits reaching £65.9m last year.
Although, unlike the big banks, OakNorth does not offer current accounts and therefore does not process huge numbers of transactions, it recognises that, like all other banks,