Mano Bank, the Lithuanian lender that began life as a credit union before becoming the country’s first specialised bank, has signed with domestic RegTech firm AMLYZE for a single platform covering its anti-money laundering operations.
The deal brings several functions into one system: customer risk assessment, transaction monitoring, screening of customers and payments, and the handling of any investigations that result.
Mano Bank expects the platform to centralise and analyse its AML/CFT data, automate a share of repetitive work and help its specialists use their time better. With that information consolidated, the bank says it can judge risk faster and reach better-grounded decisions without lowering its compliance standards.
The move comes as the bank widens its product range and grows its operations in overseas markets. Both trends raise transaction volumes, and the bank needs risk controls and internal workflows that can keep pace with them.
Mano Bank primarily serves small and medium-sized businesses, which want quick, transparent and easy-to-use financial services for their daily activities. In recent years it has put steady investment into technology, automation and customer experience. That spending has gone into upgrading its payments infrastructure, adding digital services, improving self-service options for clients and making internal operations leaner.
The AMLYZE agreement extends that programme, now aimed at risk management and the prevention of financial crime.
Ernestas Šteimantas said the bank regularly studies client feedback to find ways to make its services quicker and simpler while keeping risk under control.
Mano Bank head of AML/CFT operations and control Ernestas Šteimantas said, “As the bank grows rapidly, we want our services to become simpler and more convenient for our clients, and our risk management more effective. Regulatory requirements are an integral part of banking, but meeting them should not create unnecessary obstacles for clients.
“That is why we are investing in technology that helps us automate processes, identify risk more precisely and focus our specialists’ attention where it is really needed. Our partnership with AMLYZE will help us better balance these two goals – a convenient customer experience and effective risk management.”
AMLYZE CEO and co-founder Gabrielius Erikas Bilkštys said, “Financial institutions today face two equally important tasks: ensuring a smooth customer experience and managing financial crime risks effectively.
“Technology makes it possible to achieve both – by automating routine processes, analysing information in one environment and helping specialists make well-founded decisions faster. We are pleased to contribute to Mano Bank’s technology development.”
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