Varo Money ropes in NICE Actimize for AML Protection


Varo-Money-ropes-in-NICE-Actimize-for-AML-Protection Varo Money ropes in NICE Actimize for AML ProtectionVaro Money, a San Francisco, California-based challenger bank, as per recent reports, has chosen NICE Actimize, a Hoboken, New Jersey-based leading global provider of financial crime, risk, and compliance solutions, to implement the bank’s financial crime framework for anti-money laundering (AML) protections. The financial AML protections solution will also be assisting the bank with its know-your-customer (KYC) requirements, sanctions screening, and transaction monitoring.

Varo will be integrating NICE Actimize’s AML Essentials – a software-as-a-service (SaaS) AML solution that’s apt at detecting and scoring a range of banking activities, which includes customer due diligence, watch list filtering, transaction monitoring, and Suspicious Activity Report (or SAR) filings.

Colin Walsh, co-founder and CEO, Varo Money, says, “Varo offers mobile banking services to customers that come with the highest standards of consumer protection. Helping our customers improve their financial health is core to our mission, and that includes keeping all aspects of their banking safe and secure.”

The California-based challenger bank’s all-mobile account is creating news, offering fee-free banking services – i.e. there are no monthly maintenance fees, no foreign transaction fees, and no ATM withdrawal fees. Varo’s ATM network comprises of over 55,000 Allpoint ATMs all around the world. The challenger bank provides bank accounts in coalition with The Bancorp Bank.

Last year, in Aug. 2018, Varo successfully achieved preliminary approval for a national bank charter by the Office of the Comptroller of the Currency (OCC).

The challenger bank Varo was founded in 2015 by Walsh and Kolya Klymenko, CTO. Since its establishment, the bank has raised more than $79 million in investment funding, led by Warburg Pincus and The Rise Fund.