Fundtech releases anti-money laundering package

Fundtech releases anti-money laundering package

Payments system vendor Fundtech has launched AML Manager, based on Prime Associate's Compliance Manager product, to help firms comply with the anti-money laundering regulations of the USA Patriot Act.

Prime Associates' Compliance Manager enables users to filter and review customer transactions. The product includes customer identity verification and record keeping, a review module that compares customer records with known or suspected terrorist lists and risk-based modelling.

The AML Manager package comprises of OFAC, suspicious activity and know-your-customer modules and is designed to detect, analyse and report suspicious activity. The system can also automatically file the necessary reports with regulatory agencies.

Fundtech says currently many firms have multiple compliance systems that are incompatible and inefficient. AML Manager is designed to be a single platform for the entire enterprise, providing consistent enforcement.

Joseph Mazzetti, executive vice president, Fundtech, adds that many financial institutions are also frustrated by the growing complexity of new anti-money laundering regulations: "AML Manager enables them to comply quickly and easily, through a centralized system, and offers an affordable option that will reduce operating expense by automating this ever more complex and labor intensive process."

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