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Comply with AML regulations or receive €110,000 fine

The Supervision Service of the Bank of Lithuania conducted a targeted on-site inspection of the electronic money institution UAB ConnectPay and identified several breaches of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing. 

The Bank of Lithuania imposed a €110,000 fine on the institution and ordered it to remedy the identified breaches. *

Covery team takes KYC/KYB and AML seriously as these are the guarantee of protection from money laundering, identity theft, cyberterrorism, scam, and other fraudulent activities.

Our main goal is to help companies set up these procedures easily, thus, comply with all national and international regulators’ requirements, and secure both the company itself and its customers.

In 2018 we established KYC/KYB and AML procedures for Genome.

The Covery platform’s implementation into Genome resulted in a 90% efficiency in KYC procedure automation, 98% efficiency in the automation of transfers, higher customer retention, and increased conversion rates.

Read more in a case study.

About KYC/KYB automation in Covery:

Fastest onboarding

  • Get a real-time decision for less than 1 second.
  • Reduce customer onboarding time and increase conversion.

Seamless integration

  • Integrate into any payment gateway, CRM, via API.
  • Customize for a specific merchant business model, billing logic.

Ongoing monitoring

  • Analyze customer journey stages and check your customers daily.
  • Prevent fines from the market regulators.

Full automation

  • Transform manual KYC into an automated process.
  • Save operational time, money, and team resources.

Custom rules

  • Incorporate into any risk logic.
  • Customize rule scenarios to exclude false positives and optimize conversions.

Compliance

  • Comply with the latest AML, KYC, GDPR, and PSD2 requirements.
  • Secure all transactions against money laundering.

Global coverage

  • Check users through International databases with PEPs, sanctions, and other watch lists updating every day.

Competitive pricing

  • Save your operational costs by choosing a six times cheaper solution than the average.

Have questions? Contact us.

*https://www.lb.lt/en/news/bank-of-lithuania-imposed-a-eu110-000-fine-on-uab-connectpay-for-aml-tf-infringements

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