Software targets financial crime.

Press Release Summary:

ERASE® Financial Crime Suite(TM) expands enterprise risk management functionality with modules targeting money laundering, fraud, market abuse, and employee fraud. Product automates teller/branch SAR investigation and incorporates information from existing identity theft, card fraud, and checks fraud systems. To prevent market abuse and employee fraud, system monitors brokers, traders, clients, and employess.

Original Press Release:

NetEconomy Unveils New Weaponry in the Fight Against Financial Crime

HOLLYWOOD, Florida, March 16/ --

o Latest Product Modules Update Key Areas of Crime and Fraud Prevention

o The 11th Annual International Money Laundering Conference & Exhibition, Hollywood, FL.

NetEconomy, the leading provider of real-time enterprise risk monitoring solutions for the finance industry, today announced new financial crime fighting capabilities in its award-winning ERASE® Financial Crime Suite(TM) solution. Responding to market demand for holistic solutions that drive business value beyond compliance, the company expanded its reach in the financial crime arena and improved its functionality in a number of market categories.

"In the expanding space of enterprise risk management, there is a core subset of technology for monitoring and preventing fraud and financial crime," said Susan Landry, Managing Vice President at Gartner. "Banks will move away from home-grown and point solutions, in order to pursue enterprise solutions that align compliance practices with a more holistic approach to risk management."

The latest version of the ERASE Financial Crime Suite solution boasts expanded functionality in four major areas of financial crime: money laundering, fraud, market abuse and employee fraud.

Money Laundering

NetEconomy upgraded its award-winning money laundering solution with the addition of extensive workflow features and the Automated Priority Module (APM) capability that automates the exhaustive, manual process of teller/branch suspicious activity report (SAR) investigation. The APM saves time, resources, and money - with one bank reducing 50% of the investigations (or approximately 200 cases) being performed without any manual intervention, saving this financial institution an estimated $750,000 a year.


The Fraud Prevention Module incorporates information from existing identity theft, card fraud and check fraud systems, pooling the data into its ERASE's Suspicious Activity Monitoring engine (SAM) for analysis and active case management of any irregular transactions.

Market Abuse

Significant updates to NetEconomy's market surveillance technology ensure an organization's ability to comply with new international regulations, particularly MiFID, as well as the EU Market Abuse Directive and SEC and Capital Adequacy initiatives. The new Market Surveillance Module provides sophisticated monitoring functionality for brokers, traders and clients, in addition to insider monitoring.

Employee Fraud

Advanced employee monitoring and link/network analysis provide an precautionary line of defense to detect internal fraud threats and prevent the manipulation or misuse of financial information.

"More than 10 years ago, NetEconomy began developing its solutions to help banking and financial institutions improve their ability to control risk," said Sebastian Kuntz, Chief Executive Officer of NetEconomy. "Today, with our enhanced ERASE Financial Crime Suite of integrated modules, NetEconomy continues to set new standards for best-practice solutions by increasing the business value of financial crime fighting initiatives for our global client-base."

Source: NetEconomy

Alison Holland, CAMS, NetEconomy,,

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