Varo Money Inc., a San Francisco-based mobile bank, has chosen Nice Actimize to provide anti-money laundering protection technology, according to a company release.

Varo plans to use Nice Actimize AML Essentials software as a service to help the bank monitor transactions, filter watch lists, conduct due diligence and track Suspicious Activity Report filings.  

Varo was granted preliminary regulatory approval for a national bank charter in August 2018 by the Office of the Comptroller of the Currency and plans to become the first national mobile-centric bank in the U.S.

"Varo offers mobile banking services to customers that come with the highest standards of consumer protection," Varo Money co-founder and CEOColin Walsh said in the announcement. "Helping our customers improve their financial health is core to our mission and that includes keeping all aspects of their banking safe and secure."