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Anti-Money Laundering (AML) Transaction Monitoring Software
Fortent® AML and Fortent® Hosted AML
| Description | Solution Highlights | Program Contacts |
As a result of the USA PATRIOT Act and the industry's on-going role and interest in combating money laundering, banking regulators are significantly increasing enforcement of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws. In particular, the agencies' focus has been on internal controls needed to identify money laundering. While they have not required all institutions to have an automated solution, they have indicated that software is a key resource for effective BSA and AML management, especially for larger institutions.
DESCRIPTION
Fortent AML® and Fortent® Hosted AML are industry-leading anti-money laundering solutions that provide transaction monitoring for the prevention and detection of money laundering to fully comply with the Bank Secrecy Act and the PATRIOT Act. Fortent AML and Hosted AML can handle any amount of scale and complexity and can be leveraged across the full scope of business lines within a financial institution, including retail and correspondent banks. In addition, Fortent's proven monitoring process can significantly reduce a bank's operating costs.
Fortent AML and Hosted AML employ comprehensive analytical techniques to scrutinize all accounts and all transactions to produce alerts most likely to result in legitimate money laundering cases. These techniques include:
• Account Risk Rating: Fortent AML incorporates guidelines set forth in the Federal Financial Institution Examiner's Handbook, such as analyzing geography, high-risk countries, customer type and product or service type to calculate a risk rating for the activity in every account.
• Identifying Names on Watchlists: Fortent AML scrutinizes customer and counterparty and transaction party data to detect matches against published watchlists, such as OFAC, PEP lists, and a wide range of international lists. Internal lists can also be analyzed.
• Hidden Relationship Detection: In addition to account holders, Fortent AML analyzes transactions to identify hidden relationships with co-signers, beneficiaries and counterparties, as well as multiple accounts that are linked to a single household.
• Rules-based Detection and Scenarios: Fortent AML has a library of more than 300 rules used to detect known money laundering scenarios.
• Profiling Unknown and Unusual Activity: Fortent AML analyzes transaction data based on type, combinations with other transactions, dollar amounts, and seasonality (as a few examples) to identify potentially suspicious activity – which often doesn't fit any standard AML parameters. Fortent AML weights the activity components of each behavior according to their propensity to involve money laundering.
MARKET PROFILE
Any size bank can potentially use the Fortent solution. Depending on the size and reach of your organization, Fortent offers an enterprise version (Fortent AML) to be installed and managed within your company, and a hosted version (Fortent Hosted AML) for institutions looking to gain efficiencies and that may have fewer accounts and/or smaller geographic coverage. A sample of Fortent's customer-base includes Bank of Tokyo-Mitsubishi, Chevy Chase Bank, Commerce Bank, Fifth Third, First Tennessee National Corp., Marshall & Ilsley Bank, ScotiaBank, and Washington Mutual.
SOLUTION HIGHLIGHTS
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Key Benefits |
Key Features |
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• Effective: Fortent AML identifies suspicious behavior and enforces the regulatory mandate for a risk-based approach to transaction monitoring.
• Efficient: Fortent's superior alert quality ensures that your AML professionals focus on the most case-worthy reviews. Fortent has been proven to generate a positive ROI as early as the first year of operation.
• Proven: Fortent's considerable installed-base is used to monitor the transactions of over 50,000 locations worldwide. Deployed in banks of all sizes, Fortent AML systems are used to monitor more than half a trillion transactions each day.
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• Monitors transactions of every account across lines of business and products.
• Fortent Hosted AML eliminates the technology investment, making it affordable and cost-effective.
• Case Management features with workflow, document/image attachment, investigation templates and automated SAR reporting/filing.
• Comprehensive Management Information Reporting to manage internal reviews and regulatory exams.
• Self-tuning features help each institution maximize the solution's effectiveness.
• Web front end with customizable dashboards. |
PROGRAM CONTACT
Fortent
99 Park Ave.
New York, NY 10016
Contact: Basil Lyden; E-mail: b.lyden@fortent.com
Tel: (212) 661-1325
Fax: (212) 661-4216
Web site: www.fortent.com
CAB CONTACTS
Kimberly Smith (202) 663-7516
Lisa Gold Schier (202) 663-5098
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