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Software provides anti-money laundering solution.
November 6, 2007 -
Featuring Japanese, Spanish, and Arabic language capabilities, Fortent AML streamlines financial crime investigation process for banks, securities firms, and insurance companies, and provides deep profiling of correspondent banking accounts. Program automatically drills down to collect and organize granular information about individual parties to transactions, making process transparent.
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Fortent Launches Next Generation Anti-Money Laundering Solution
New Fortent AML release extends language capabilities to Japanese, Spanish, and Arabic and enhances investigation and correspondent banking features
NEW YORK, Oct. 25 /-- Fortent announced today the release of a new version of the company's market-leading anti-money laundering technology. This latest offering in Fortent's financial crime product suite expands the global reach of Fortent's risk and compliance solutions by adding Japanese, Spanish, and Arabic language capabilities to the Fortent platform. Fortent's advanced system streamlines the financial crime investigation process for banks, securities firms, and insurance companies, as well as providing deeper profiling of correspondent banking accounts.
More efficient alert investigation
"This next generation Fortent application represents a major leap in compliance technology and the ability to fight financial crime," says George Faux, Group Executive, Client Relationship Management, at Fortent. "With this latest release, Fortent AML customers will see significant payoff in several areas, including a whole new level of efficiency in the alert investigation process. Organizations are increasingly concerned about the resources absorbed by investigations, and the new set of tools in Fortent AML maximizes the efficiency in this area, saving clients time and money."
New tools for correspondent banking
Responding to heightened regulatory interest in correspondent banking, Fortent has significantly enhanced the monitoring of correspondent banking accounts around the world. With U.S. and international policy-makers - such as the Financial Action Task Force (FATF) and the European Union - imposing tougher "Know Your Customer" standards for banks, the latest version of Fortent AML automatically drills down to collect and organize more granular information about individual parties to transactions, making the process transparent.
"Our new correspondent banking features meet increasing regulatory expectations and create efficiencies across multiple lines of business, including compliance departments, allowing banks to more accurately assess their risk," observes Mr. Faux. "Instead of time spent on manual data-mining to gather individual party information, our customers will have an automated process that learns as it works and continually develops profiles that identify previously unknown risks."
Growing number of languages supported
With this new release, Fortent AML is available in multiple languages, including Japanese, Spanish, and Arabic, expanding the company's global capabilities. Fortent AML is used by financial institutions around the world, including a growing number of banks in Asia.
In operation at tens of thousands of branches worldwide, Fortent AML is recognized as "best-in-class" by the American Bankers Association. Its system is known throughout the industry for:
-- Up to 15% case-worthy alerts versus the industry standard of 1%
-- Providing a lower total cost of ownership and an increased return on compliance technology investment
-- Producing the fewest false positives through unique profiling technology
"Money laundering is a global challenge and transcends country borders," remarks Mr. Faux. "Financial institutions are operating in a global market, but need to have solutions in local languages to meet local conditions. We are committed to answering the needs of financial institutions wherever they operate."
If you would like more information about Fortent AML or Fortent's other risk and compliance solutions, please contact Suzanne Oaks or Rimjhim Dey of Temin and Company at 212-588-8788 or news@teminandco.com.
About Fortent
Fortent provides comprehensive information and technology solutions to the risk and compliance market worldwide. It serves banks, brokers, insurance companies, government agencies, businesses, and compliance professionals from more than 100 countries.
With advanced monitoring and detection systems that have been endorsed by the American Bankers Association, Fortent delivers the most efficient and effective anti-money laundering, know your customer, and fraud detection technologies available on the market today. Fortent's publishing, conference, and training businesses, including those of Alert Global Media, are the compliance industry's authoritative resource for news, regulatory guidance, and professional education and certification.
Based in New York with eight offices located around the world, Fortent is a strategic supplier of compliance technology to leading large and mid-sized financial firms including The Bank of New York, Barclays, JPMorgan Chase, Lloyds TSB, The Royal Bank of Scotland, Scotiabank, Societe Generale, and UBS.
Contacts:
Public Relations:
Temin and Company
Suzanne Oaks
USA
Phone: 212-588-8788 E-mail this person Company Information: Name: Fortent Inform Address: 99 Park Ave. City: New York State: NY ZIP: 10016 Country: USA Phone: 212-661-1325 http://inform.fortent.com
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