LHV, the largest domestic financial group in Estonia, has partnered with FICO to introduce new solutions to meet European regulations and protect against fraud.
It will introduce the FICO Tonbeller Siron anti-financial crime solution that includes customer risk scoring, screening, transaction monitoring and behaviour monitoring capabilities.
Founded in 1999, LHV has 135,000 banking clients and more than 180,000 investment clients and its expansion plans include opening an office in London this year following approval from the UK’s Financial Conduct Authority.
Martti Singi, chief risk officer at LHV, said: “Our bank’s security and reputation are vital, and we need to make sure we operate according to changing global regulatory requirements.
“After reviewing the top solutions in the market, we concluded that FICO’s solution was the most powerful, comprehensive and flexible. In addition, we were impressed with their roadmap for anti-money laundering (AML) analytics using artificial intelligence and machine learning.”
Torsten Mayer, vice-president for compliance solutions at FICO, said: “AML regulations are making it harder for criminals to launder money and FICO is making it easier for banks like LHV to comply. This is a priority for banks worldwide.”
FICO was founded in 1956 and has pioneered the use of predictive analytics and data science to improve operational decisions.