Viena Saskaita strengthens AML with AMLYZE solutions

AMLYZE
Author
AMLYZE
Published
December 4, 2023
AMLYZE and Viena Saskaita

AMLYZE, a leading RegTech specializing in anti-financial crime solutions for FinTechs, banks and crypto businesses, will provide money laundering prevention and compliance solutions to the first and largest Lithuania’s specialized online payment platform “Viena Saskaita“.

“Viena Saskaita”, which operates in a segment with fundamentally low money laundering and terrorist financing (ML/TF) risks – utilities payments and tax collection – will use all of AMLYZE’s key service modules: client risk assessment, transaction monitoring (both real-time and retrospective), case management and international sanctions screening.

“Money laundering prevention is primarily perceived as an obligation for banks, but the agreement with “Viena Saskaita” proves once again that it is also relevant for other regulated entities that are legally obliged to apply the highest compliance standards, regardless of whether they face low or elevated ML/TF risks,” says Gabrielius Bilkštys, CEO and founder of AMLYZE.

AMLYZE’s client portfolio includes various types of institutions with different ML/TF risks: in addition to financial and credit institutions, it also includes cryptocurrency service providers and peer-to-peer lending platforms. The Law on the Prevention of Money Laundering and Terrorist Financing in Lithuania requires compliance in more than 10 different business sectors.

“Viena Saskaita”, with an active user base of more than 220,000, chose AMLYZE compliance solutions not only for their relevance, but also for their comprehensiveness, i.e., the ability to receive all the necessary services to enable compliance from a single service provider.

“The geopolitical events of recent years, the situation in Ukraine and the growing threat of support for terrorist organizations have prompted us to change our processes and entrust anti-money laundering controls to a partner that focuses exclusively on this area. We believe that AMLYZE’s experience and expertise in developing solutions to combat financial crime will help us quickly identify suspicious payments and optimize our processes, thus creating value for both businesses and consumers,” says Aušra Čiuplienė, CEO of “Viena Saskaita”.

“Viena Saskaita”, established in 2005, launched the first online payment platform in 2007 and was for a long time the only specialized online payment platform in Lithuania. In recent years, the number of platform users has almost doubled: currently, more than 220,000 active users use the company’s services and are able to pay the bills of more than 2,600 service providers, including electricity, gas, telecommunications, schools, kindergartens, and other services.

About AMLYZE:

AMLYZE is a Software-as-a-Service (SaaS) RegTech offering a suite of anti-financial crime solutions for all types of financial services providers.

Comprehensive modules include real-time and retrospective transaction monitoring, customer risk assessment, AML/CFT investigations, PEP, sanctions, and adverse media screening.

The company’s products have been developed by a team of AML experts and former regulators leveraging an extensive experience in supervising financial institutions while working with central banks and law enforcement agencies.

Being regulatory insiders and understanding the pain points of market participants from the inside has enabled the creation of cutting-edge technology solutions that streamline AML/CFT and compliance processes to unprecedented levels of efficiency.

In May this year, the company successfully closed a €1 million pre-seed investment round led by Practica Capital, one of the leading venture capital firms in the Baltics, and FIRSTPICK, an accelerator and venture capital fund investing in technology companies across the Baltics.

For more information, visit AMLYZE website and LinkedIn page.

About Viena Saskaita:

“Viena Saskaita” holds a payment institution license issued by the Bank of Lithuania and offers a convenient way to pay household and personal bills via the www.vienasaskaita.lt platform.

The system automatically collects all invoices, centrally displays supplier information, and allows all invoices to be settled with a single payment.

In 2021, “Viena Saskaita” became part of the international “Aktiva Finance Group“.

For more information, visit the “Viena Saskaita” website and Facebook page.

About the author

AMLYZE
Author
AMLYZE
AMLYZE is a fully automated service created for the financial sector and businesses that are obliged to comply with AML/CFT regulations.

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