Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Fortent How to cut costs of anti-money laundering regs
NEW YORK (3/14/08)--A white paper from Fortent outlines ways credit unions can lower the costs of anti-money laundering (AML) systems. Fortent developed the solutions to address cost issues, because “the most significant driver by far is how much organizations spend on operating their AML systems and all the workflow that surrounds these systems, including investigations,” said Ray Parodi, Fortent group executive of product management. Steps outlined in the paper include:
* Breaking down enterprise data silos; * Adopting dynamic profiling technology; and * Leveraging AML systems to fight fraud.
“We have put our research and development into finding ways to reduce these costs and have found that using the right technology can lower the total cost of ownership of AML systems by up to 40%,” Parodi said. The costs of investigations and Suspicious Activity Report (SAR) filings are higher than hardware or systems, according to Fortent. Fortent’s white paper will be distributed next week at Money Laundering Alert’s 13th annual International Conference and Exhibition in Hollywood, Fla. To download the paper, use the link.
Other Resources

RSS print
News Now LiveWire
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
25 minutes ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
33 minutes ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
43 minutes ago
New #FinCEN proposal would strengthen, clarify due diligence obligations for financial institutions. http://t.co/2yxVUXCrYA
49 minutes ago
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
20 hours ago