Scila AB, the Stockholm-based independent provider of trade surveillance, risk management and anti-money laundering (AML) technology has announced that Erste Group, a European financial institution, has implemented Scila Surveillance.
Scila Surveillance is a trade surveillance cloud-powered solution meant for comprehensive monitoring of trading activities across various asset classes across the world.
Scila Surveillance aims to bring considerable advantage in maintaining market integrity, addressing financial crime risks, and enabling proper regulatory compliance for its customers.
Mikko Andersson, Chief Executive Officer at Scila AB. explained that Scila Surveillance is designed for the dynamic nature of modern capital markets, and it will aim to equip Erste Group with advanced tools to “effectively safeguard market integrity and investor protection.”
Iris Bujatti, Chief Compliance Officer of Erste Group Bank AG said that they are looking forward to working with Scila because its Trade Surveillance Solution combines a wide range of functionalities, which fits to their approach “to manage Compliance risk very prudently by leveraging on modern technology.“
As noted in the update, Scila AB Scila provides sophisticated solutions for trade surveillance, anti-money laundering and risk management. Regtech stacks have becoming increasingly advanced over the years to keep pace with innovations in other areas of digital technology.
The company Scila was founded in 2008.
All of the founders claim to have a background in either surveillance units and/or working closely with high-throughput transactional tech within the financial services sector.
Throughout the growth of the Scila company, a sharp focus has been maintained on the recruitment of qualified talent.
As mentioned in the announcement, Erste Group is the financial services provider in the eastern part of the EU.
Its ca. 45,000 employees serve 16.4 million customers in about 2,000 branches in 7 countries (Austria, Czechia, Slovakia, Romania, Hungary, Croatia, and Serbia).
For the first half of 2024, Erste Group reportedly had 344 billion euros in total assets, posted a net profit of 1.6 bn euros, and had a common equity tier 1 ratio (pro forma) of 15.5%.
