AMLYZE, a RegTech startup providing a fully integrated suite of products for fintechs, neo-banks, and virtual assets service providers (VASPs), and Ondato, the leading tech company streamlining KYC and AML-related processes, have established a new partnership.

This partnership brings together two leading financial crime prevention and compliance services providers with the aim of creating value and synergies for the fast-growing financial services ecosystem.

Jekaterina Govina, Head of Partnerships & Regulatory Affairs and one of the Co-founders of AMLYZE, said: “Global fines for failing to prevent money laundering and other financial crime surged more than 50 percent last year. The financial market players need to invest in automatized RegTech solutions. We believe cooperation between AMLYZE and Ondato will help financial institutions better understand the importance of investing in prevention, rather than paying fines.”

Liudas Kanapienis, Ondato Co-founder and CEO, added: “The combination of Ondato and AMLYZE technologies will streamline KYC and AML procedures, assuring the highest standard of financial crime prevention. It will also enable the two systems to communicate in order to eliminate compliance risks and produce the best possible results for our shared customers.”

In addition to the cooperation in the acquisition of new customers, AMLYZE and Ondato’s partnership will also include working together to build new AML/CFT and KYC solutions to better satisfy their current and future clients.