Dutch neobank Brand New Day taps Sentinels for AML controls and tackle false positives

Rick Steves

False positives is one of the most prevalent issues facing financial businesses across the globe, and many arise from internal compliance infrastructure, as nearly £3 billion is wasted every year chasing false fraud leads.

Dutch neobank Brand New Day has selected Sentinels to scale its anti-money laundering (AML) controls as the bank is now managing over €4.5 billion for more than 200,000 customers since obtaining a license in 2017.

Facing the need for a transaction monitoring and compliance solution that could scale with the bank, Brand New Day found Sentinels as a regtech solution capable of scaling and providing actionable insights no matter what their active compliance needs are.

Intense regulatory scrutiny meets Sentinel’s “disruptive approach to compliance”

Joost van Houten, CEO of Sentinels, commented: “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licenses. We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.”

Gerjan de Lange, CIO at Brand New Day, added: “We’re excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and futureproofed compliance solutions that are tailored to our core business goals and processes. We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”

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

The regtech firm has built a leading transaction monitoring and client risk management platform in Europe and delivers customizable compliance solutions at every stage of growth in order to offer increased efficiency by reducing operational and resource costs for the client, who is able to create an agile compliance department internally without needing to overly expand headcount.

Sentinels also uses automation for the development of client risk profiles, thus boosting efficiency and providing compliance officers with a clear and immediate overview of customer activity.

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

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