Holvi reduces time spent investigating false positives for customer risk using AI platform ComplyAdvantage

Summary:

Holvi implemented the ComplyAdvantage platform to ensure it complied with EU anti-money laundering regulation and could continuously monitor the AML risk profiles of its clients as well as transactions, automating the detection of potential risks.

Problem:

Holvi’s mission is to help entrepreneurs by providing a seamless user experience in online banking and business management... Implementing the EU’s 4th Money Laundering Directive (4MLD) would have required a lot of internal resources to manage... Faced with a rapid growth trajectory, Holvi’s’ current system was not fit to scale. With an ever-increasing volume of risk indicators and limited resources internally to monitor for changes, Holvi was struggling to keep the risk data up to date. The deadline for 4MLD was also quickly approaching, which increased the scope of screening required to include the coverage of domestic Politically Exposed Persons (PEPs).

In addition to challenges with maintaining accurate risk data and screening clients at onboarding, Holvi found it difficult to monitor the changing risk profiles of their customers efficiently and regularly, in accordance with expectations laid out in 4MLD. Their existing manual monitoring process would not be sustainable to meet the demands of their fast growth. They were also receiving large volume of false positives, as risk decisions taken at onboarding needed to be manually remediated again. They wanted a system which could not only automate ongoing monitoring and proactively alert the compliance team when relevant risks change, but one which could safely and effectively whitelist entities once checked, to help reduce time consuming false alarms.