Abrigo, the leader of compliance, credit risk, and lending solutions for financial institutions, announced a new partnership with RiskScout, a leading onboarding and enhanced due diligence platform for emerging market businesses.
Abrigo’s financial crime detection platform, BAM+, is used by financial institutions to detect and prevent money laundering and fraud, protecting the institution and their clients from financial harm. This new partnership with RiskScout empowers financial institutions pursuing higher risk commercial markets to automate and reduce risk with high-growth, new sectors, including cannabis-related businesses (CRBs), hemp-related businesses, cryptocurrency, ATMs and money service businesses (MSBs).
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“For many institutions, CRBs and other high risk commercial clients are an important area of growth but can also be replete with additional compliance hurdles. We are excited to announce this partnership with RiskScout because of the team’s proven ability to help banks and credit unions service those clients effectively,” said Laura Broderick, Chief Marketing Officer at Abrigo.
Justin Fischer, Co-Founder and CEO of RiskScout, shared “most financial institutions are searching for solutions to overcome shrinking margins and drive growth, while trying to minimize overhead. RiskScout provides proven methods for growth, while maintaining or minimizing overhead costs. The partnership with Abrigo is a perfect complement, as it allows our financial institutions a solution to detect and prevent money laundering and fraud, and avoid complications to the institution’s bottom line.”
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In a recent CSBS index, 78% of community bankers signaled they believe regulatory burden will increase in 2022. When bank margins are slim and hiring remains a challenge, the technology and expertise of providers like Abrigo and RiskScout can alleviate inefficiency and staffing shortages.
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