Dutch neobank Brand New Day uses Sentinels to monitor anti-money laundering and tackle false positives

False positives are one of the most pervasive problems faced by financial firms across the globe, and many stem from internal compliance infrastructure, as almost £3 billion is wasted every year looking for false leads for fraud.

Dutch neobank Brand New Day has chosen Sentinels to expand its anti-money laundering (AML) checks as the bank now manages over €4.5 billion for over 200,000 customers since obtaining a license in 2017.

Faced with the need for a transaction monitoring and compliance solution that could scale with the bank, Brand New Day found Sentinels as a regtech solution that could scale and deliver actionable insights regardless of their active banking needs. compliance.

Joost van Houten, CEO of Sentinels, said, “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create more robust services, making them an increasingly popular choice for end users. However, with this disruption comes intense regulatory scrutiny, especially for those operating using their own banking licenses. We are excited to work with Brand New Day, ease its regulatory burden with our own disruptive approach to compliance, and ensure that the neobank and its customers are better protected against AML issues. .

Gerjan de Lange, CIO at Brand New Day, added: “We are delighted to work with Sentinels, to benefit from their position as an industry leader and their commitment to providing viable and future-proof compliance solutions, adapted to our main objectives. and business processes. We look forward to growing together, knowing that our regulatory needs are met, that false positives will not increase exponentially as we scale, and that our operational costs will remain low while our internal compliance standards are high.

Sentinels will work with Brand New Day to create a custom and scalable compliance infrastructure, rather than operating in a simple buyer-seller exchange with the client.

The regtech company has built a leading transaction monitoring and customer risk management platform in Europe and provides customizable compliance solutions at every stage of growth to deliver increased efficiency by reducing operational and resource costs for the client, who is able to create agile compliance. service in-house without having to increase staff too much.

Sentinels also uses automation for the development of client risk profiles, increasing efficiency and providing compliance officers with clear and immediate insight into client activity.

In this partnership, the Dutch neobank and Sentinels will also focus on false positives: one of the most pervasive issues facing financial firms across the world, and many stemming from internal compliance infrastructure, as nearly £3billion is wasted every year chasing false leads of fraud. .

James V. Hayes