RelyComply has formed a strategic alliance with the Building Societies Association (BSA), a key representative body for building societies and significant credit unions in the UK.
This collaboration aims to enhance financial crime resilience within the building society sector by integrating the BSA’s regulatory expertise with RelyComply’s comprehensive anti-money laundering (AML) capabilities, which include customer onboarding, transaction oversight, and ongoing risk assessment.
The partnership seeks to assist building societies in addressing financial crime risks while considering their unique operational frameworks, characterized by member ownership, community engagement, and enduring customer relationships. The goal is to ensure these institutions maintain effective compliance without sacrificing the trust and accessibility that define the mutual sector.
The BSA will grant RelyComply structured access to its network of building societies and credit unions, along with insights on evolving regulatory focuses related to AML, know your customer (KYC), and fraud prevention. In exchange, RelyComply will lend its technical know-how in AI-driven monitoring systems and contemporary financial crime control strategies.
RelyComply has already started participating in industry discussions as part of its partnership with the BSA. Notably, it took part in a session titled Mutual intelligence: How AI can strengthen purpose, people and performance, which explored the potential of AI in enabling mutual organizations to innovate while fostering trust. Additionally, the company plans to join the Building Societies Annual Conference 2026, to be held on 28–29 April in Edinburgh, which is a premier event for the UK mutual sector.
According to RelyComply CEO Bradley Elliott, “Building societies are the backbone of trust in the UK financial system. Our partnership with the BSA is about equipping these institutions with the technological tools necessary to combat fraud and money laundering effectively. By transitioning from outdated legacy systems to a cohesive, AI-centered approach, we are aiding the sector in establishing a more resilient and transparent financial landscape for their customers.”