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Today we’re pleased to announce the early access release of Modern Treasury Compliance, an Anti-Money Laundering (AML) compliance and fraud detection product.

Our offering gives companies a fast and easy way to build compliance and fraud programs with Know Your Customer (KYC) identity verification, transaction monitoring, and case management. Eliminating the need to integrate and manage multiple vendors for compliance and payments, Modern Treasury improves the compliance readiness of customers and facilitates a faster bank diligence process and time to market.

Background

A compliance and fraud program is a must have for businesses from both a regulatory and a financial standpoint. Companies building products to move money are subject to Bank Secrecy Act (BSA) regulations designed to prevent money laundering and terrorism financing. Banks also require compliance programs to underwrite customers for transaction banking.

Implementing compliance programs that adhere to banking rules and governmental regulations is complex and time consuming, often diverting key resources away from the core growth efforts of the business. Generally, companies are forced to stitch together multiple products from different vendors to meet their compliance needs. This results in slower time to market and can leave them vulnerable to compliance violations or fraud issues. Compliance and fraud can impact the bottom line—companies face fines for violating regulations, and can lose hundreds of thousands of dollars to fraudulent transactions.

Modern Treasury has worked with dozens of companies and developed a deep understanding of the risks, costs, and challenges of implementing and managing compliance and fraud programs at scale. Addressing these concerns is the driving force behind the introduction of Compliance.

Key Features of Compliance

Modern Treasury Compliance includes the following key features:

  • Embeddable onboarding flow makes it easy to collect customer information and move money, without storing personally identifiable information (PII).
  • KYC identification verification conducts checks including sanctions and adverse media screenings and advanced device and behavior monitoring for recognizing fraudulent actors and compliance issues.
  • A single line of code enables transaction monitoring, guaranteeing that all transactions are tracked for fraud and money laundering risks.  
  • Case management tools streamline the manual review process and provide an audit trail for oversight.
  • Consortium machine learning models and a rules engine allow for accurate risk assessments and tailoring of programs to reduce fraud, false positives, and automation.
  • Role-based access control (RBAC) so administrators can assign permissions to  access Compliance-related features in a simple and secure way.

Benefits of Compliance

Modern Treasury’s Compliance gives customers a single solution that meets their compliance, fraud, and payment operations needs. Customers can focus on their core business instead of integrating and managing multiple vendors, resulting in faster time to market. A strong compliance and fraud program is also good for business. Onboarding more legitimate users and automating reviews, as well as reducing fraud and compliance violations, can increase revenue and earnings.

Try it now

Compliance is now available to customers via early access release. You can learn more and request access today on our Compliance product page.

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