EQIBank Reduces Onboarding Costs By 50% After AMLBot Partnership

EQIBank stands as a leader in digital banking, serving clients in 180+ countries. Founded by veterans from HSBC, Credit Suisse, Bank of New York, and UBS, the bank boasts over 240 years of combined expertise in finance and blockchain.

Since acquiring its banking license in 2018, it has set a new standard by offering a single banking relationship that encompasses national currencies, cryptocurrencies, and digital assets. Customers benefit from a comprehensive suite including trading, custody, and peer-to-peer lending. 

In 2022, EQIBank was honored with the “HNWI Digital Bank of the Year” award by Pan Finance, demonstrating its proficiency in digital banking.

Key Challenges

• Complex Regulations: Navigating global AML rules is complex and varies by jurisdiction, requiring constant attention to avoid legal issues.
• Need for Efficient Screening: Manual systems were slow and error-prone. Automation was needed for faster, accurate transaction and client screening.
• Operational Risks: Non-compliance could result in severe penalties and operational restrictions, impacting financial stability and efficiency.

A reliable solution was needed to mitigate these risks and streamline compliance.

“The biggest problem was making sure the wallets were fully compliant. This means that we needed to connect several databases, mainly databases initiated by the government that are run and operated by national agencies and maintained globally and jointly with other players to make sure that no nefarious players get into the crypto space.” — Eli Taranto, CEO, Digital Assets at EQIBank said

Solutions

AMLBot provided EQIBank with advanced AML solutions:

• Client Screening: Efficiently screening clients and transactions using a vast array of databases.
• Transaction Monitoring: Ensuring all wallets and transactions were compliant with regulations.
• Operational Automation: Automating processes to reduce manual workload and enhance efficiency.

EQIBank Use AMLBot for the Following Solutions:

1. KYT (Know Your Transaction) allows for Real-time transaction monitoring.
2. KYC (Know Your Customer) provides Comprehensive identity verification.
3. AML Policy: Ensuring compliance with global AML regulations.

Results

Automated Processes within 24 Hours:

• 5X Increase in Productivity: Enhanced efficiency and reduced manual workload.
• High-Quality Data: Reliable transaction monitoring and client screening.
• Client Trust: Boosted trust through stringent compliance and security measures.

Testimonial

“As soon as we started working with digital assets we made sure we partnered with the best. AMLBot helped us make sure that no bad players get into the industry as a whole. We are very happy with the service. We are able to screen our clients successfully. 

The automation is certainly a welcome addition to our digital assets. So the fact that we can go in, screen an address and get an instant risk score and result definitely helps our team work faster. The quicker we can screen and make sure a wallet is safe and secure, the faster we can do the trade and faster the customer is happy. So in that sense we are very happy and proud to be working with AMLBot.” — said Eli Taranto, CEO, Digital Assets at EQIBank

About: AMLBot is a leading provider of anti-money laundering solutions, offering advanced tools and databases to help businesses stay compliant with global regulations. AMLBot's services are designed to ensure that crypto businesses can effectively screen transactions and clients, protecting the integrity of the financial system. Get in touch with us.