Accuity, provider of financial crime compliance, payments and counterparty know-your-customer (KYC) solutions, has embarked on a project to help payment solutions company, Lemon Way, to more efficiently identify financial crime and flag potentially high-risk customers. Lemon Way has chosen to implement Firco Compliance Link, an Accuity solution which will enable the business to streamline its financial crime compliance screening, improving transparency, auditability and efficiency during the onboarding of new customers.
Lemon Way’s decision to work with Accuity follows a period of exceptional growth for the French fintech, which is now preparing for even greater future expansion. To accommodate this growth, Lemon Way has identified an opportunity to implement a more scalable financial crime compliance solution which will enable it to continue to fulfil its regulatory responsibilities, without disrupting the flow of business.
Firco Compliance Link provides intelligent automated account screening with consolidated reviews and a full online audit trail. The solution will give Lemon Way high-level transparency and analytical insight to help the business comply with regulatory standards, whilst at the same time reducing manual processes. This approach to compliance aims to improve customer experience, by removing operational obstacles that could slow down the process of opening a new account.
Patrick Hinchin, Vice President of Product & Strategy at Accuity, said: “Regulators are increasingly asking financial institutions and designated non-financial businesses and professions to provide clear audit trails and decision making evidence, demonstrating they have performed appropriate levels of due diligence when accepting new customers. From our experience of working with fintechs and payment services providers (PSPs) we know that this is challenging fast-paced businesses like Lemon Way to move away from manually fulfilling their regulatory obligations, to implementing technology which can automate the process and efficiently alert compliance officers to areas of potential risk.”
Antoine Orsini – Lemon Way CEO said: “At Lemon Way we take our responsibility to fight money laundering, fraud and the financing of terrorism very seriously. As we continue to expand our customer base, enabling businesses worldwide to send payments on new e-commerce sites, it is essential that our onboarding process verifies the legitimacy of our accounts and protects our customers. Having assessed the market to find the most suitable financial crime compliance solution, we decided that Accuity’s proven technology and innovative culture was a great match for our business.”