Software offers anti-money laundering solution.
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Press Release Summary:
AML v6.3 enables financial institutions to facilitate the automation of their regulatory reporting and information-capture processes, including Suspicious Activity Report (SAR) preparation and electronic submission. It also aids collaboration among many parts of any organization involved in financial crime-fighting and investigation process.
Original Press Release:
Fortent Releases AML 6.3 - Enhanced Version of Anti-Money Laundering Software
New AML Release Improves SAR Reporting and Financial Crime Investigation
Endorsed by the American Bankers Association
NEW YORK, June 9 -- Fortent, the risk and compliance solutions expert, announces the release of the latest version of its anti-money laundering (AML) technology.
AML 6.3 enables financial institutions to significantly advance the automation of their regulatory reporting process -- including Suspicious Activity Report (SAR) filings. It also allows greater collaboration among the many parts of an organization involved in the financial crime-fighting and investigation process. AML 6.3 is endorsed by the American Bankers Association (ABA), the industry's leading trade association.
"Fortent developed AML 6.3 specifically to help our customers on both the regulatory and cost fronts," says Sandy Jaffee, CEO of Fortent. "Our goal is to help financial institutions take the costs out of compliance so that they can see a higher return on their systems investments."
With the increased number of SAR filings in the wake of the subprime crisis, and the threat of heavy regulatory penalties, financial institutions are struggling with how to manage their reporting requirements as well as credit and market losses. Organizations are carefully weighing their investments in risk and compliance technology, demanding higher operational efficiencies to satisfy cost controls and higher effectiveness levels to fulfill regulatory requirements.
"Designed with input from our extensive global customer base, AML 6.3 significantly advances major aspects of AML compliance, including complete automation of the regulatory reporting and information-capture processes in SAR submissions," says Ms. Jaffee. "These enhancements dramatically reduce the time and resources required -- and allow organizations to achieve a higher ROI."
John Wolff, president of the ABA's Corporation for American Banking, remarks: "Fortent's new release represents a major advancement in AML technology for our members, but, just as important, it reflects Fortent's understanding of the real cost pressures facing our industry. By addressing the full scope of AML compliance concerns, Fortent presents a world-class solution that helps meet banks' business and regulatory needs."
Fortent's AML 6.3 reflects the global nature of Fortent's client base, supporting the preparation and electronic submission of SAR disclosures to three major Financial Intelligence Units (FIU) -- FinCEN in the U.S., SOCA in the UK, and JAFIC in Japan -- and to other FIUs as required. The latest release is already being deployed at Mizuho Financial Group, one of the world's largest banks, throughout the bank's domestic Japanese operations.
About Fortent
Fortent provides risk and compliance solutions to financial institutions, government agencies, and individuals in more than 100 countries. It has relationships with more than 400 institutional clients, including 26 of the world's 30 largest financial firms, which use Fortent technology in over 50,000 locations worldwide.
Fortent combines award-winning technology innovation and expertise in regulatory risk to help financial institutions improve productivity and protect hundreds of millions of accounts from money laundering, terrorist financing, and other financial crimes. Endorsed by the American Bankers Association as the industry gold standard, Fortent's advanced systems deliver the most efficient and effective anti-money laundering, know your customer, and fraud detection available on the market today. Technology clients include The Bank of New York Mellon, Bank of Tokyo Mitsubishi-UFJ, Barclays, JPMorgan Chase, Justice Federal Credit Union (U.S. Department of Justice), Lloyds TSB, The Royal Bank of Scotland, Scotiabank, and UBS.
Through its information and training businesses, Fortent serves as an authoritative source of regulatory information, news, and guidance. Alert Global Media publishes moneylaundering.com and "Money Laundering Alert," and, in Spanish, lavadodinero.com. It also produces the world's largest money laundering conference and exhibition. Other services include the industry's leading professional certification program, career planning tools, web seminars, and conferences in the U.S., Europe, Latin America, and the Middle East.
Fortent's global team operates from key offices in New York, Miami, Atlanta, London, and Tokyo. For further information, visit www.fortent.com.
Source: Fortent
Web site: www.fortent.com/
