BSA and AML Compliance More Important than Ever for Community Banks
WALTHAM, Mass. and WASHINGTON, Nov. 6 / -- Independent Community Bankers of America (ICBA) announced today that the organization has expanded its Preferred Service Provider relationship with Wolters Kluwer Financial Services to include the company's Bank Secrecy Act (BSA) and anti- money laundering (AML) solutions, which are part of Wolters Kluwer Financial Services PCi line of compliance analytics solutions.
The relationship has expanded to encompass the entire suite of Wiz Sentri(TM) BSA/AML solutions including:
o Wiz Sentri(TM): Transaction Monitor, a set of monitoring and reporting
tools that assists financial institutions to meet BSA requirements and
o Wiz Sentri(TM): Case Officer, a collaborative software tool that
collects and organizes information from multiple data sources to help
the AML investigation team prioritize and manage cases based on their
"Compliance with the Bank Secrecy Act is more important than ever for banks of all sizes," said Dan Clancy, senior vice president of services for ICBA. "Community banks are on the front lines and need resources to handle the compliance demands efficiently and effectively. We chose to expand our Preferred Service Provider relationship with Wolters Kluwer Financial Services because their PCi BSA and AML tools can help many ICBA members comply with BSA requirements more efficiently and cost-effectively than doing so manually."
"While regulators won't mandate the use of technology in a BSA and AML program, they will agree that it's extremely difficult to fully comply with the requirements if you haven't automated some or all of your processes," said Raffi Festekjian, chief executive officer for Wolters Kluwer Financial Services PCi compliance analytics solutions. "We're excited to be joined with ICBA to offer their members powerful yet practical tools to help them meet their BSA and AML requirements."
In addition to the Wiz Sentri(TM) suite of BSA and AML solutions, ICBA's Preferred Service Provider relationship with Wolters Kluwer Financial Services includes several other of the company's PCi compliance analytics solutions, including CRA Wiz, HMDA Wiz, Wiz Sentinel and Fair Lending Wiz. For more information on all of Wolters Kluwer Financial Services' PCi compliance analytics solutions, please visit http://www.pciwiz.com/.
The Preferred Service Provider relationship also includes many of Wolters Kluwer Financial Services' technology solutions for banks' lending, deposit and Individual Retirement Account (IRA) lines of business, including ComplianceOne®, ARTA® Lending, ARTA Deposit, Rembrandt® Lending and the IRA Management Center in addition to pre-printed and electronic documents for lending, deposit and IRA. For more information on these solutions, please visit http://www.wolterskluwerfs.com/.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization's prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne®, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb(TM) and CCH Wall Street®.
Wolters Kluwer Financial Services' solutions include integrated and stand- alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit http://www.wolterskluwerfs.com/.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of euro 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com/.
Source: Wolters Kluwer Financial Services
Director of Corporate Communications
+Senior Public Relations Specialist
Charles.mill[email protected], both of Wolters Kluwer Financial Services
Director of Public Relations of Independent Community Bankers of America