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Koc Financial selects Actimize anti-money laundering technology

25 July 2006  |  1938 views  |  0 Source: Koc Financial

Actimize Inc., a leading provider of fraud prevention and compliance solutions, today announced that Koc Financial Services (KFS) selected its comprehensive Anti-Money Laundering (AML) Transaction Monitoring solution and has completed the implementation in only three months.

KFS is now proceeding with implementation of the Actimize Employee Fraud and Online Fraud Prevention solutions.

The Actimize AML solution allows KFS to meet European and U.S. compliance regulations as well as those of MASAK, the anti money laundering regulatory body in Turkey. The centralized implementation in Turkey will serve KFS and its international subsidiaries.

"As the leading financial institution in Turkey, it was only natural that we would take the lead in implementing an AML compliance solution that will help us protect the Turkish community against fraudulent and money laundering activity," said Cihan Vural, head of compliance at Koc Financial Services. "By implementing the Actimize AML solution package, we employ complex money laundering detection techniques, perform comprehensive investigation processes and report more accurately to MASAK, without violating our customer's privacy."

Actimize solutions are built on a single, integrated platform that provides synergies and efficiencies across the enterprise with unparalleled flexibility, scalability, and performance. In particular, the Anti-Money Laundering solution packages for retail banks, investment banks and insurance companies provide true end-to-end capabilities with transaction monitoring, comprehensive investigation with Case Manager and established reporting to government agencies.

"Actimize's AML solution package concept that separates the complex detection logic from the data integration and the cooperation between Actimize and KFS teams allowed us to integrate the Actimize Package into the KFS data sources in only two weeks," said Mustafa Bezeklioðlu the project leader of Actimize AML Project at KFS.

"Through the Actimize Secured Remote Implementation Center, and with the exceptional support of KFS IT department, Actimize was able to complete implementation of the AML Package in just three months," said Ron Greenberg, EVP Marketing and New Business Development. "The AML package was developed by our in-house subject matter experts and has been tested in over 30 customer implementations. Actimize's superior compliance capabilities allow our clients to focus on their normal business operations while minimizing the exposure to potential Money Laundering and Terror Financing risk."

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