London UK, 10 May 2022: Ripjar, the trusted provider for tackling financial crime, today partners with Liechtenstein-based VP Bank to bolster its media screening capabilities in the fight against criminal behaviour.
The partnership is part of VP Bank’s wider efforts to upgrade and further digitise its systems and will see the financial organisation implement Ripjar’s Labyrinth Screening Platform, which seamlessly blends structured and unstructured data, to identify potential client risks in real-time.
Financial institutions are facing increased regulatory and compliance challenges, with governments around the world looking to crack down on the threat of money laundering and terrorism financing. For example, the European Union’s Anti-Money Laundering Directives continue to evolve, meaning banks need to ensure they’re able to respond to the latest guidance to remain compliant.
The Ripjar solution combines Software as a Service (SaaS) and private cloud elements to meet VP Bank’s exacting requirements, providing a highly secure system which is vital when looking to remain compliant while operating across global touchpoints.
With Ripjar’s technology in place VP Bank will be able to proactively identify customers who are, or potentially could be, involved in illegal activities including money laundering, fraud and terrorism.
The solution automates and improves existing adverse media and watchlist screening programmes and supports wide ranging scripts and languages. This is particularly important for VP Bank which runs operations across Europe and Asia. Phase one of the project – to implement enhanced media screening – is set to be completed by the end of the year (2022).
Jeremy Annis, CEO, Ripjar said: “The regulatory burden on financial institutions continues to grow and at Ripjar we understand the everyday challenges this presents to financial crime investigations departments.
“We’re delighted to be partnering with VP Bank to help remove this pain and complexity. Not only will our technology help VP Bank adapt to the changing needs/expectations of global regulators but it will advance the organisation’s ability to proactively identify and combat risk.”
Markus Reinacher, Head Group Compliance & Operational Risk at VP Bank Group said: “As regulators across the globe, and also in the European Union and associated bodies, strengthen and develop anti-money laundering legislation it’s of critical importance that we remain ahead of the curve. A core component of this is having the technologies in place to run advanced media screening.
“Ripjar has a pedigree in supporting European financial institutions, as well as those that run operations across the globe. This made them the perfect fit to support the requirements of VP Bank.”
Ripjar is the trusted partner for organisations looking to tackle today’s financial crime. Using advanced machine learning and data visualisations, Ripjar allows financial institutions and governments to connect and analyse various data points in real-time, across over 20 languages, to gain a full picture of the threats they face from financial crime.
Ripjar gives organisations the edge to tackle some of the most difficult challenges that face society. This includes protecting banks and financial institutions against fraud, money laundering and being complicit in the funding of terrorism and unjust wars.
About VP Bank
VP Bank Ltd was established in 1956 and, with around 1,000 employees, is one of the largest banks in Liechtenstein. VP Bank has an international presence, with offices in Vaduz, Zurich, Luxembourg, Singapore, Hong Kong and Road Town (British Virgin Islands).
Its core competencies include the development of customised financial solutions for intermediaries and private persons, as well as access to private market investments via a curated ecosystem. In addition, the Group has an international fund competence centre. As of 31 December 2021, client assets under management of VP Bank Group amounted to CHF 51.3 billion. VP Bank is listed on the SIX Swiss Exchange and has an “A” rating from Standard & Poor’s.