Experian enhances anti-money laundering package

Source: Experian

Experian, a global information solutions provider, today announced enhancements to its anti-money laundering detection platform.

The enhancements provide additional functionality and flexibility to financial institutions as they monitor, investigate and report suspicious monetary activity. The ASSIST suite of solutions now includes advanced risk scoring and case management functions that improve the productivity and effectiveness of financial institutions as they strive to meet regulatory requirements and manage risk.

"The latest modifications to the ASSIST suite are designed to improve the efficiency and management of suspicious monetary activity investigations for financial institutions," said Marc Kirshbaum, president of Experian Fraud Solutions. "Experian's anti-money laundering platform goes beyond account and transaction monitoring by providing risk-management tools that help ferret out suspicious activity, meet regulatory requirements and improve bottom-line operations."

Both ASSIST//ck® and ASSIST//score now feature increased capabilities which further integrate unique predictive capabilities into Experian's anti-money laundering solutions and provide financial institutions with a comprehensive approach to money laundering detection and risk management.

ASSIST//score now incorporates advanced statistical scoring models that automate the calculation of dynamic risk scores for each account based on account characteristics, customer profiles and transaction behaviors. This new capability allows institutions to update and modify their risk assessment calculations based upon empirical data in a fast and user-friendly environment. The new features also provide detailed information on the derivation and reasons for each score at the account level. ASSIST//score works seamlessly with ASSIST//ck to make the entire risk assessment and transaction monitoring process efficient and easy to use while providing detailed audit trails.

ASSIST//ck, which allows institutions to analyze how money moves -- in, around and out of the bank -- now has upgraded case management functionality and investigation tools to improve investigative documentation and controls while also expanding the bank's ability to perform link analysis. The case management function maintains a complete log of exceptions, activities and documentation associated with an investigation in order to maximize regulatory controls and compliance productivity.

"The enhancements put more information and controls into the hands of AML managers and investigators," said Frank Caruana, director of product management for Experian's anti-money laundering solutions. "The more precise and complete the information institutions have, the more effective they can be in detecting, reporting and stopping money laundering activity."

Experian's anti-money laundering solutions provide a full range of global compliance products for money laundering and suspicious activity detection, investigation, reporting and compliance with government regulations.

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