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.