Starling Bank has upgraded its anti-money laundering (AML) and counter-terrorism financing processes with the roll out of a new platform.
The challenger bank said that it is now using transaction screening software from London-based firm Napier, with the platform integrated into its system over a six week period.
Commenting on the news Steve Newson, chief technology officer at Starling, said that the new platform is delivering “tangible results” for meeting financial crime compliance targets.
“Starling Bank has built its reputation on its sustainable banking ethos. We continue to invest in our anti money laundering solutions to make sure funds aren’t reaching harmful criminal enterprises such as human trafficking and modern slavery,” Newson said.
Earlier this year, Starling’s founder Anne Boden announced her decision to step aside as chief executive of the company. John Mountain, who is currently Starling’s chief operating officer, will take over as interim chief executive until a permanent replacement is found.
The bank also recently reported record revenue and profits for the financial year ending 31 March 2023.
Revenue rose to £453 million, more than double last year’s figure of £216 million, while pre-tax profits reached £196 million, a six-fold increase on the previous year’s result of £32 million.
Last month, Starling was one of six UK banks who wrote to prime minister Rishi Sunak asking him to force BigTech companies like Meta to take some financial responsibility for the growing “fraud pandemic”.
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