Varo Money, the US challenger bank, has selected NICE Actimize to implement its financial crime strategy for anti-money laundering (AML) protections, including know-your-customer (KYC) requirements, sanctions screening and transaction monitoring capabilities.
Varo will integrate NICE Actimize’s AML Essentials, a software-as-a-service (SaaS) AML solution that detects and scores a range of banking activities, including customer due diligence, transaction monitoring, watch list filtering and Suspicious Activity Report (or SAR) filings.
“Varo offers mobile banking services to customers that come with the highest standards of consumer protection,” says Colin Walsh, co-founder and CEO, Varo Money. “Helping our customers improve their financial health is core to our mission, and that includes keeping all aspects of their banking safe and secure.”
Varo’s all-mobile account will offer fee-free banking – such as no monthly maintenance fees, no foreign transaction fees and no ATM withdrawal fees. Varo has a network of more than 55,000 Allpoint ATMs worldwide. Its bank accounts are provided by The Bancorp Bank.
In August 2018, Varo was granted preliminary approval for a national bank charter by the Office of the Comptroller of the Currency (OCC).
That same month, Fintech Futures had an exclusive with the bank as it selected Temenos for core banking.
Varo was founded in 2015 by Walsh and Kolya Klymenko, CTO. It has raised more than $79 million in funding, led by Warburg Pincus and The Rise Fund.
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