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Banking Circle Business AML Team recognised for best-in-class strategy

Business AML Team shortlisted in two categories in International Compliance Association Awards

London, 9th April 2024 – Reflecting the strong focus Banking Circle puts on financial crime prevention and anti-money-laundering, its Business AML team has been shortlisted in two categories of the prestigious International Compliance Association Awards.

The team is shortlisted in the Financial Crime Prevention Team category for a cohesively, regulatory, scalable and tech backed team build. The payment bank’s Business AML program has also been shortlisted in the Innovation in Financial Crime prevention category, recognising the work it has done to empower the AML Value Chain with Artificial Intelligence (AI) and Machine Learning (ML) tools.

The ICA Compliance Awards recognise and celebrate internal compliance and financial crime prevention teams who go over and above to collaborate, innovate and raise compliance standards across the globe. Designed to promote best practice, champion the profession and highlight the importance of compliance and financial crime prevention in today’s constantly changing regulatory, geopolitical and business environment, the Award winners will be announced in London on 27th June.

Throughout significant growth in Banking Circle’s payments volume over the 18 months, the Business AML team has maintained high standards, expanded expertise, and passed supervisory exams without requiring proportionate uplift in headcount. Client numbers increased 60% and transaction volume 100% while headcount only grew by 30%.

A transformative initiative for its AML Program has also played a critical role in Banking Circle’s growth. The integration of AI-driven solutions across various facets, including real-time payment screening, transaction monitoring, and a cutting-edge dynamic client risk scoring model, have enabled the business to deliver an industry leading Anti-Money Laundering process. The AI-powered solutions have revolutionised the Banking Circle business model, boosting operational efficiency, internal decision-making as well as improving customer experiences.

Laust Bertelsen, CEO of Banking Circle said of the shortlisting: “During a period of rapid growth for the company, the Business AML team has ensured that Banking Circle can scale while driving efficiency, maintaining high standards and demonstrating the same to supervisors and other stakeholders. For the team to be shortlisted in the ICA Awards is further evidence that we’re making the right investment in the talent and technology to enhance our ability to scale.”

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