Mogo (NASDAQ:MOGO) (TSX:MOGO), one of Canada’s leading digital finance companies, serving over 2M customers across North America.
Outdated Methods: Recognizing these PEP challenges, Mogo was dissatisfied with the performance of their previous service provider, which relied on outdated keyword matching, limited data, and immense manual effort.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.
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