Calyon Financial, the corporate brokerage arm of Credit Agricole, is deploying NetEconomy's Erase Financial Crime Suite to detect and monitor fraudulent activity across its operations in France, Spain, US, UK and Singapore.
The system is designed to detect a range of illegal activity, giving users a consolidated view of crime across the enterprise.
Netherlands-based NetEconomy says for each implementation, its Erase system will provide Calyon Financial with list checking capabilities including Office of Foreign Assets Control (OFAC), Politically Exposed Persons (PEPs), Non-cooperative Countries and Territories (NCCT) and internal exception lists.
The system manages account opening procedures and monitors financial transactions and alerts users to the appearance of illegal activity. Once alerts have been generated, a case management function guides users through investigation, case tracking and reporting. The system also automatically records an audit trail for regulator review.
Rick Jackson, VP, project management, Calyon Financial, comments: "Besides being a cost-effective and fast-to-implement solution, Erase offered the most capability-rich solution."