Mizuho to implement Fortent anti-money laundering technology

Mizuho to implement Fortent anti-money laundering technology

Japanese banking group Mizuho Financial is installing anti-money laundering (AML) technology from New York-based risk and compliance systems vendor Fortent across its domestic operations.

The vendor says Mizuho will roll out the latest version of Fortent AML, which has been customised for the Japanese market.

Fortent AML reviews every transaction based on individual behavioural profiles that are generated and maintained for each account and customer. The technology also scans the customer's business to identify money laundering scenarios, says Fortent.

The latest version of the Fortent AML package also includes correspondent banking capabilities and alert investigation tools.

Commenting on the deal, Hiroshi Motoyama, MD and board director, Mizuho, says: "We chose Fortent based on the powerful capabilities of their software, their proven track record with clients, and, most important, their commitment to and understanding of the Japanese market."

Fortent, which opened a sales and support office in Tokyo last May, says the Mizuho deployment will be its first within a Japanese bank's domestic operations.

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