How MOGO stays ahead of PEPs by Leveraging Data & Advanced AI Models

How MOGO stays ahead of PEPs by Leveraging Data & Advanced AI Models

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By Minerva
November 6, 2023

Mogo (NASDAQ:MOGO) (TSX:MOGO), one of Canada’s leading digital finance companies, serving over 2M customers across North America.

Global challenges with PEPs

  1. Broad Definitions: Challenge in identifying PEPs due to broad definitions provided by FATF and FINTRAC. Ie. definitions encompass politicians and heads of international organizations, as well as their families and associates.
  2. Lack of Awareness: Many individuals are unaware of their status and it can change over time, adding to the complexity.
  3. No Universal List: Reliance on outdated or specific-issue focused lists, makes the identification process time-consuming and error-prone.

Mogo's challenges

Outdated Methods: Recognizing these PEP challenges, Mogo was dissatisfied with the performance of their previous service provider, which relied on outdated keyword matching, limited data, and immense manual effort.

Incomplete Results: The PEP coverage was incomplete and didn’t have the depth required to meet regulatory requirements. To solve for this they made the strategic decision to switch to Minerva's AI-powered screening and entity resolution platform.

Solving PEP challenges using Minerva

Through Minerva's powerful API solution, Mogo:

Enabled daily Sanctions and PEP screening

Leveraging advanced algorithms and a vast database of global PEPs, our client could swiftly and accurately reconcile the PEP population within their existing client base - equivalent to just 1% of their customer base. This more accurate and manageable population aligned with their risk appetite and management controls.

Expanded risk searches

Mogo expanded their integration to comprehensively assess risks related to their ‘Trading’ products, by adding the ‘Legal Data’ risk mitigation element. The expansion allowed Mogo to include the regulator disciplinary and cease trade order lists from notable organizations such as CSA, IIROC, and Provincial Securities regulators.

“Minerva has become a trusted partner in fulfilling certain aspects of Mogo's anti-money laundering and anti-terrorist financing compliance regime. They adapt quickly to changes in sanctions and other regulatory requirements, providing us with a high level of confidence in their services. We have found their team to be knowledgeable and readily available for support!"
- Senior Director of Governance and Risk, MOGO

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About Minerva’s solution

  • Outperformed competitors in independent tests, identifying over 5% more PEPs than a global solution and 40% more than a Canadian-based solution
  • Cloud-based AI platform compliant with SOC 2, Type II, GDPR, PIPEDA, and CCPA standards
  • Highly configurable API for seamless integration into your screening environments
  • Automates ongoing monitoring so you can stay on top of ever changing PEP status’
By Minerva
November 6, 2023
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