How Fortify transformed a fintech leader’s AML programme

Meet the client

A fintech leader, specialising in real-time payments globally, faced escalating regulatory scrutiny that exposed issues in its anti-money laundering (AML) systems. To safeguard its reputation and growth ambitions, the client required an urgent solution.

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The challenge

The company’s AML systems fell short of the requirements set by regulators, leading to restrictions that halted new customer onboarding. This exposed a deeper issue: a disconnect between regulatory mandates and the technology and technical teams that operate it.

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Key issues

1. Advanced technology falling short: The company had made significant investments in tech, yet its solution was deemed deficient by regulators.

2. Limited appetite for additional investment: The client needed to make its existing tech stack work, rather than invest more in new technology.

3. Internal misalignment: Compliance teams were not involved in integrating the new AML solution, which meant it failed to meet their or the regulator’s needs.

4. Lack of cross-functional expertise: No technical staff in the organisation ‘spoke’ compliance.

5. Inadequate rule development: Rules created by technical teams did not address regulatory findings.

6. Urgent turnaround needed: To IPO successfully, the fintech needed to demonstrate sustainable growth, including the ability to operate in the region that had suspended them.

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The solution

Fortify’s unique combination of technical and compliance expertise made it the ideal choice. Unlike generic fraud detection tools or inflexible consultancy services, Fortify offers a customised approach that delivered real outcomes. The team’s deep understanding of systems like Featurespace enable them to transform regulatory requirements into actionable, real-time solutions, addressing the client’s immediate and long-term needs.

Fortify’s comprehensive approach tackled the client’s challenges head on:

Rule development and testing: Fortify rewrote the fintech’s AML rules from scratch, ensuring alignment with regulatory expectations. This included monitoring and comparing customer activity to onboarding information. Rigorous testing and a robust audit trail backed every rule implemented.  

Risk mapping and scenario generation: Regulators often provide intentions, not data. Fortify translated these requests into code that could then be processed by the system. The team meticulously reviewed compliance scenarios and translated them into actionable rules while identifying gaps in coverage.

Behavioural analysis of data: Leveraging expertise in data and behavioural analysis, Fortify ensured the client’s systems focused on real risks, minimising false positives and improving precision.  

Tools to enhance existing systems: Fortify built custom integrations and testing tools that enhanced the functionality of their existing AML solution.

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Key takeaways

Fortify was able to bridge the gap between regulatory compliance and technical execution. This unique skillset helped ensure not only immediate operational success but also long-term resilience. A testament to the strength of this partnership is the company’s continued work with Fortify, entrusting them to provide ongoing support for compliance and technical teams—a clear endorsement of the sustained value Fortify delivers.

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In addition to this, here are other outcomes achieved:

Value over cost: Partnering with Fortify was a decision rooted in long-term value. The solutions improved compliance outcomes and streamlined operations, outweighing the initial investment. Fortify’s focus on tailored solutions ensured a high return on investment and supported strategic goals.

Quick results: Fortify achieved the project objectives in a short timeframe.

Regulatory compliance: The company met all regulatory requirements, with restrictions lifted.

Advanced technology understanding: They can now operate their vendor’s complex AML solution independently and effectively.

Improved alert quality: Compliance teams reported higher-quality alerts with significantly fewer false positives.

Operational stability: The implementation of new rules did not increase alert volumes.

Business growth: Compliance unlocked new sales, supporting growth and reinforcing customer and investor confidence.

This partnership highlights Fortify’s ability to navigate complex fraud problems with unrivalled technical and domain expertise. By transforming the client’s AML capabilities, Fortify not only ensured compliance but also helped set them up for long-term growth and success.

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