4finance Group prevents financial crime with cloud-based solution

mayer Torsten

Digital consumer finance giant 4Finance Group is to use FICO Tonbeller’s cloud-based services to meet new anti-money laundering regulations.

The move is designed to address the upcoming 4th EU Anti-Money Laundering Directive compliance requirements, without having an impact on the fast credit decisions that are a hallmark of 4finance Group’s service.

Founded in 2008, 4finance Group operates in 17 countries and has made loans of more than €4 billion. It operates through a range of brands with strong regional presence, including Vivus, SMSCredit and Zaplo.

It will use the cloud-based FICO Tonbeller Siron anti-financial crime solution to ensure regulatory compliance with the requirements.

Sanda Laicēna, head of group legal and compliance at 4finance Group, said: “We operate in 17 countries that have different regulations, so we needed a flexible compliance platform.

“The FICO solution will safeguard 4finance Group while ensuring we can provide the best customer service.”

The service has been deployed by 4finance Group in nine EU countries with Georgia following in the next few months as part of a roll-out programme covering the lender’s entire global network.

Torsten Mayer, vice president for compliance solutions at FICO, said: “As a fintech leader, 4finance Group has different requirements to a large bank, and places a higher priority on speed and flexibility. Our success with 4finance Group proves that FICO Tonbeller can address the needs of the fintech segment as well as banks with various asset values.”

The system includes modules for anti-money laundering, tax compliance, counter-terrorism financing, end-to-end know-your-customer processes and other issues.

It can monitor customer activity and support due diligence including known criminals screening.

The cloud-based format allows users to add new countries or regions in a few days, as opposed to months.

The Siron suite is part of FICO’s portfolio of solutions for fraud and financial crime, which also includes the FICO Falcon platform, which protects more than 2.6 billion payment cards worldwide.

FICO, which acquired Tonbeller in early 2015, was founded in 1956 and is a pioneer in the use of predictive analytics and data science in business decision-making. It serves businesses in more than 100 countries.