KREDA Selects AMLYZE as Preferred Compliance Software Provider

Published 7 months ago

KREDA, one of Lithuania’s largest united central credit unions, has chosen AMLYZE as its preferred provider for anti-money laundering and compliance services. AMLYZE is a leading RegTech company that specializes in anti-financial crime solutions for FinTechs, neo-banks, and crypto businesses.

AMLYZE’s First Major Client

This partnership marks the first time AMLYZE has been selected by a company with a wide network of financial institutions. KREDA is also the first to use AMLYZE’s recently developed multi-layer transaction monitoring solution, known as the Banking-as-a-Service (BaaS) monitoring solution.

Modernizing Compliance Standards

The agreement signifies KREDA’s decision to modernize and unify compliance standards across all 14 of its credit unions. AMLYZE aims to provide solutions specifically designed to meet the needs of its clients, including multi-dimensional task management tools.

A Partnership Built on Excellence

Gabrielius Bilkštys, CEO and co-founder of AMLYZE, expressed his company’s commitment to helping organizations like KREDA navigate the complex regulatory landscape, detect financial crime, and maintain the highest standards of compliance. The partnership aims to strengthen KREDA’s financial integrity and safeguard its operations against money laundering risks.

Why KREDA Chose AMLYZE

KREDA, managing €0.5 billion in assets, chose AMLYZE for its relevant set of solutions, experienced team of former regulators, and understanding of KREDA’s ambition to achieve stable and balanced growth. The prevention of money laundering and terrorist financing is a priority for KREDA, and this agreement with AMLYZE will enable the credit union to strengthen its efforts in these areas.

AMLYZE’s Key Modules in Use

KREDA plans to use all of AMLYZE’s key modules for transaction monitoring, customer risk assessment, case management, and sanctions screening for its daily compliance needs.

About AMLYZE

AMLYZE, based in Vilnius, is a Software-as-a-Service (SaaS) RegTech that offers a suite of anti-financial crime solutions for all types of financial services providers. The company’s products have been developed by a team of AML experts and ex-regulators with extensive experience in supervising financial market participants.

About KREDA

The United Central Credit Union (UCCU), also known as KREDA, is a promising and ambitious central credit union in Lithuania. Established in 2018, it currently manages 14 credit unions. According to unaudited financial data for the first half of 2023, KREDA Group’s assets under management increased by 83% to EUR 449.2 million.