Stearns Bank and Sardine’s operating system reinforces fintech compliance
US-based Stearns Bank has partnered with risk management solutions provider Sardine to expand the former’s fintech program and address regulatory and compliance requirements.
Sardine’s all-in-one risk management and compliance platform helps sponsor banks manage fintech regulatory risks without the need for multiple service providers. Using cutting-edge technology to consolidate critical compliance data and integrated risk scoring, Sardine offers banks a way to tackle modern fraud with real-time fraud detection, KYC, KYB, BSA/AML and transaction monitoring in one solution.
Stearns Bank officials said Sardine breaks down data silos and enables their teams to effectively identify issues for remediation and quickly pull together and share relevant data for further audit, investigation and regulatory purposes as needed. This enables the bank to keep pace with fintech innovation and scale its fintech offerings while improving risk management and streamlining compliance.
Keeping fintech partners up to date with compliance measures
With Sardine in place, Stearns Bank has real-time monitoring of their KYC/AML policies, fraud and AML transaction monitoring alerts across all of their sponsored programs in one integrated dashboard. Stearns Bank can work directly with its fintech partners to easily create new fraud detection, KYC policies or transaction monitoring rules via Sardine’s no-code rules editor.
The bank’s representatives added that by leveraging our risk management and compliance expertise and Sardine’s advanced compliance and monitoring technology, they can provide greater access to a wider range of secure banking services and capabilities with built-in future compliance and risk management systems, proactively anticipating next-gen regulatory requirements.
Sponsored fintechs can easily escalate suspicious customers or transactions to Stearns Bank via Sardine’s SOC2 Type 2 compliant platform. This robust case management system enables data sharing and dispositions without sharing critical personally identifiable information via email or other insecure message.
What does sardine do?
Sardine is an all-in-one platform for fraud detection, compliance and risk management. An experienced team with deep banking and fraud prevention experience that enables the company to build innovative compliance and risk management services for financial institutions.
