Partnership Increases BSA/AML Compliance Offerings And Opens Up Emerging Markets

BSA/AML due diligence platform RiskScout has formally partnered with Ncontracts, a provider of integrated risk management and lending compliance solutions for the financial services industry, to complement its compliance products for financial institutions (FIs) seeking to bank emerging commercial markets while maintaining the required compliance. 

Ncontracts will be able to offer an enhanced suite of tools for financial institutions designed by RiskScout’s compliance experts with examiner and BSA experience, to ease the burden of streamlining enhanced regulatory obligations that come with banking emerging and under-banked markets. Markets such as ATMs, MSB, Cash Intermediaries and about a dozen others have been profitable and in our communities, but challenging to bank. New markets such as Crypto, Cannabis THC and Hemp have thrived in the last few years but also offer their own set of complexities for FIs. 

RiskScout helps tap into these markets by starting with a compliance check-up from our industry experts, then a plan for the FI to scale, followed by real-time technology solutions that cut the overhead by 80%+ enabling FIs to pursue these markets without investing in exponential sales and compliance staff. RiskScout’s FIs have been able to go from seeing five to six businesses in a regional branch to banking nationwide with more than 120 applicants a month through virtual branch technology. 

Ncontracts and RiskScout will work hand in hand to not only help FIs with compliance and overhead but to find these new markets and revenue streams capable of producing hundreds of millions in deposits, fee revenue, lending and merchant opportunities. 

Says Justin Fischer, CEO and Co-Founder of RiskScout, “We are thrilled to partner with Ncontracts as their reputation and culture helping Financial Institutions with risk management is tremendous. We look forward to providing compliance education, services and technology to help serve the Community FI BSA needs.” 

“High-risk banking is a fast-emerging and rapidly changing part of our industry,” said Michael Berman, CEO of Ncontracts. “As our customers look for new opportunities to expand their customer base and develop new sources of revenue it’s imperative that they work with a partner who understands the complexity of the regulations as well as the upside of the opportunity. We’re excited to partner with RiskScout and look forward to serving our customers together.”