Brand New Day, a leading neobank in the Netherlands, has opted for Sentinels, Europe’s leading intelligent transaction monitoring and client risk management platform, to scale its anti-money laundering (AML) controls.

Neobanking is a high-growth sector in Europe, and few have seen rapid growth like Brand New Day. Having obtained its banking license in 2017, the neobank now manages over €4.5 billion for more than 200,000 customers. In line with this growth, it required a transaction monitoring and compliance solution that could scale with it. This was a key factor in Brand New Day’s decision to choose Sentinels, as the regtech is designed to scale with companies and provide actionable insights no matter what their active compliance needs are.

Brand New Day was searching for a true compliance partner that it could work with to build custom and futureproofed compliance infrastructure, rather than a simple buyer-vendor exchange. This relationship is possible with Sentinels, which has a proven track record in developing with businesses to deliver compliance solutions at every stage of growth. For Brand New Day, this has resulted in increased efficiency by reducing operational and resource cost and creating an agile compliance department internally without needing to overly expand headcount.

Further resources are saved through Sentinels’ automated development of client risk profiles. These provide Brand New Day’s compliance officers with a clear and immediate overview of customer activity, enabling the neobank to focus on required due diligence measures.

Joost van Houten, CEO of Sentinels, commented:

“Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licenses. We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.”

Gerjan de Lange, CIO at Brand New Day, added:

“We’re excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and futureproofed compliance solutions that are tailored to our core business goals and processes. We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”

Working together, Brand New Day and Sentinels aim to disrupt traditional approaches to compliance by challenging typical compliance assumptions and sharing determined best practices. One key focus area will be false positives – one of the most prevalent issues facing financial businesses across the globe, and many arise from internal compliance infrastructure. Nearly £3 billion is wasted every year chasing false fraud leads.