Satchel, a European digital banking provider, is set to enhance its compliance standards through a strategic partnership with AMLYZE, a Regtech company specializing in anti-money laundering and financial fraud prevention.
Satchel’s commitment to delivering banking services, “underscored by a robust emphasis on regulatory compliance and client security, aligns with AMLYZE’s expertise.”
As an expanding fintech company, Satchel consistently “integrates modern tools to optimize workflows and boost productivity while ensuring strict compliance with applicable regulatory requirements.”
Known for having assembled a team of experts with experience in various EU regulatory and supervisory authorities, as well “as major financial institutions, AMLYZE offers a comprehensive suite of tools for onboarding automation, risk scoring, and AML risk assessment.”
These modules cover real-time and retrospective transaction monitoring, AML/CFT investigation, and sanctions screening, “providing a holistic approach to compliance.”
Martynas Jakutis, Head of AML/CTF Compliance at Satchel, said:
“Maintaining robust AML standards is essential to us at Satchel, so we choose our partners carefully. Collaborating with AMLYZE reinforces our commitment to regulatory compliance. Their expertise in risk assessment and financial crime prevention aligns perfectly with our goals, while the customization options ensure a tailored approach to meet our unique requirements.”
Gabrielius Bilkštys, CEO and founder at AMLYZE added:
“We are truly excited to join forces with Satchel. Their remarkable upward trajectory and customer base expansion are truly noteworthy. Managing such rapid growth demands not only increased resources but also elevated diligence in AML efforts. We are confident that our collaboration will not only fortify Satchel’s continued success but also reinforce our shared commitment to elevating digital banking compliance standards.”
With this partnership, Satchel and AMLYZE aim to “establish new benchmarks in digital banking compliance, reshaping the landscape of the financial technology sector.”
Established in 2018, Satchel.eu claims that it “is one of the fastest-growing European EMI companies based in Lithuania.”
Satchel says that it “offers secure, user-friendly financial tools for digital banking, including international money transfers, fintech consulting, BaaS, SaaS, currency exchange, and card services.”
Satchel is the first Lithuanian EMI to “achieve principal membership status with Mastercard Europe for card issuance.”