Looking to fill a gap in its product portfolio, Misys International Banking Systems (IBS) has signed an agreement to market the BSA Reporter anti-money laundering system from New Jersey-based Prime Associates.
The solution, re-branded AML-Checker by Misys, can import an existing database of accounts from a number of disparate sources and compile profiles that outline expected activity for each customer. If a customer's daily transaction amount exceeds tolerated values, payments are recorded into a suspicious activity queue to be investigated.
Prime says that there is growing demand for regulatory compliance due to the USA Patriot Act. The deal with Misys is exclusive to the North American markets.
Salvatore Cangialosi, president, Prime Associates, adds: "The combination of Prime's money laundering detection products with the leading banking products and experience of Misys IBS provides the only complete solution to today's new regulatory challenges."