Global Markets

Money Laundering: Skaleet and Salv collaborate to help fight the surge

Skaleet, an international fintech offering a next-generation Core Banking Platform (CBP) has today announced its partnership with Salv, an Estonian RegTech company. This enables them to provide their customers with Anti-Money Laundering solutions (AML), including transaction monitoring, sanctions screening and risk scoring. 

Proceeds from criminal activity are estimated to account for 2-5% of global GDP (around US$2 trillion), yet less than 1% is ever seized or frozen by law enforcement agencies. Financial institutions and banks play a key role in anti-money laundering, much of which is enforced by financial regulators, both by working with law enforcement agencies but also by identifying, disrupting and stopping illegal activity themselves. 

Financial institutions, and especially scaling fintech’s, have the challenge of ensuring that they are compliant with numerous regulations across different countries. This normally entails employing multiple different methods, platforms and checks etc. which is expensive and resource intensive. A key part of anti-money laundering is institutions and banks sharing information between each other to identify activity that should be checked. Fintech’s, as they grow, adapt and change, need AML tools that do the same, but instead they often have to use multiple providers with multiple solutions, all aimed at the same task. 

Salv has designed anti-money laundering tools that enable financial institutions to have just one adaptable user-friendly platform that helps them to strengthen their defences and minimises risks to their businesses. 

Salv offer flexibility within their tools, innovating and modernising alongside the growing needs of fintech companies. Their technology is built to cover all that is needed for institutions to be compliant, reducing the resource burden and enabling them to focus on disrupting and stopping illegal activity

Skaleet has designed a unique, cloud-agnostic, SaaS-based technology platform that works seamlessly with Salv, enabling them to offer their customers an anti-money laundering capability that is crucially compliant with financial regulations, but also effective. 

Skaleet work with clients to launch digital retail banking services, quickly, anywhere across the globe, adapted to the local, technological, cultural, and economic environment. Their offering, by partnering with Salv, now enables banks and financial institutions to ensure they are compliant with anti-money laundering regulations and strengthens their ability to spot and stop illegal activity taking place through them.

Hervé Manceron, CEO and co-founder of Skaleet said “Our Partnership with Salv will expand our capacity to fight money laundering and ensure we meet our obligations. The AML solutions will allow our customers to define the risk level at an early stage, screen transactions, and detect suspicious behaviours and transactions. Salv’s AML platform offers a three-in-one solution, it makes it more efficient and convenient for us, we don’t need to integrate with various additional solutions”

Taavi Tamkivi, CEO and co-founder of Salv said “It’s great to see new innovative solutions emerging from the core banking industry and we are really excited we can provide our AML and compliance expertise to make core banking platforms also more secure from financial criminals. For us it is important to partner with experts who share our vision and ambition to help financial institutions across Europe to strengthen their defences against money laundering and financial crime. Skaleet was the perfect partner for us.”

Both Skaleet and Salv are exhibiting at Money20/20, 07-09 June 2022, Amsterdam, Netherlands. Respective booth numbers are E113 and D210.

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