Consumer Online Lender 4finance Group Ensures Compliance with New Anti-Money Laundering Requirements Globally Using FICO TONBELLER Cloud Solution | FICO TONBELLER

Consumer Online Lender 4finance Group Ensures Compliance with New Anti-Money Laundering Requirements Globally Using FICO TONBELLER Cloud Solution

London — April 10, 2017

  • Consumer online lender 4finance Group is using the FICO® TONBELLER® Siron® Anti-Financial Crime Solutions in the FICO® Analytic Cloud to ensure regulatory compliance with requirements of the 4th EU Anti Money Laundering directive.
  • Founded in 2008, 4finance Group operates in 17 countries today and has made loans exceeding 4 billion
  • FICO TONBELLER’s Siron® solutions address anti-money laundering, customer due diligence, CTF (counter terrorism financing) and other compliance requirements globally

Silicon Valley analytic software firm FICO today announced that consumer online lender 4finance Group is using the FICO® TONBELLER® Siron® Anti-Financial Crime Solutions to ensure anti-money laundering regulatory compliance across its global network. Supported by the FICO® Analytic Cloud and Amazon Web Services (AWS), the FICO solution has been deployed by 4finance Group in nine EU countries and in Georgia in six months, and is being rolled out across the rest of the lender’s global network.

Headquartered in Latvia, 4finance Group uses the FICO modules Siron®AML (Anti-Money Laundering) to monitor customer activity, and Siron® KYC (know your customer) to do customer due diligence, including PEP (politically exposed persons) sanctions, and known criminals screening.

4finance Group had sought a global AML/KYC service to help address the upcoming 4th EU Anti Money Laundering directive compliance requirements. The system had to execute compliance checks without impacting the fast credit decisions that are a hallmark of 4finance’s Group’s success.

“We operate in 17 countries that have different regulations, so we needed a flexible compliance platform,” said Sanda Laicēna, Head of Group Legal and Compliance. “We also need a cloud-based approach that integrates with our systems, many of which we built ourselves. After an exhaustive review of the AML and CTF compliance market, we found that FICO could meet all our needs for flexibility, reliability and performance. The FICO solution will safeguard 4finance Group while ensuring we can provide the best customer service.”

Launched in 2008, 4finance Group is Europe’s largest online and mobile consumer lender. It has become one of the fastest growing global consumer finance companies, disrupting and reshaping consumer finance, offering fast and convenient access to credit. To date, 4finance Group has made loans totalling €4+ billion. The FICO solution is designed to scale as 4finance’s business grows, making it easy to add users, transactional volume and additional capabilities beyond the initial deployment.

“As a fintech leader, 4finance Group has different requirements to a large bank, and places a higher priority on speed and flexibility,” said Torsten Mayer, vice president for compliance solutions at FICO. “Our success with 4finance Group proves that FICO TONBELLER can address the needs of the fintech segment as well as banks with various asset values.”

FICO TONBELLER’s Siron® Anti-Financial Crime Solutions suite consists of flexible and highly integrated software modules for anti-money laundering, tax compliance, CTF, end-to-end KYC and other issues, to provide a risk-based approach out-of-the-box. The Siron solutions suite in the cloud integrates data, software and services in an innovative manner that enables users to add new countries or regions in a few days, as opposed to months. The Siron solution leverages the FICO® Analytic Cloud and the AWS cloud infrastructure to offer a secure, reliable and high-performance solution and meet the rigorous standards for financial services offerings in the cloud.