BB&T implements Actimize customer due diligence system

Source: Actimize

Actimize, a leading provider of compliance and fraud prevention solutions for the financial services industry, today announced that BB&T Corporation has selected Actimize's Customer Due Diligence (CDD) solution to assess the business risks associated with BB&T customers throughout their complete life cycle.

BB&T is the nation's 11th largest financial holding company with more than $121 billion in assets and 1,450 branches in 11 states. The Actimize CDD solution will be a key component of BB&T's Bank Secrecy Act and Anti Money Laundering (AML) programs.

"BB&T is committed to maintaining a comprehensive customer due diligence program to ensure the identification of high risk clients within our Customer Identification Program, said Marc Geeting, Senior Vice President and BSA Officer of BB&T Corp. "After a thorough selection process, we found the Actimize CDD solution provided the most complete end-to-end, risk-based due diligence capabilities to meet our requirements. The Actimize CDD solution is designed to support a risk-based approach to fulfilling BSA/AML regulatory expectations across our enterprise."

The Actimize CDD solution delivers comprehensive capabilities including risk rating throughout a banking customer's lifecycle, comprehensive workflow, easy definition and maintenance of CDD program risk policies, and complete audit trails.

"Customer due diligence is becoming of greater importance to financial institutions of all types and sizes, not only to comply with government regulations and security measures, but also to protect the institutions' assets and reputations. By implementing the Actimize CDD solution, BB&T will be able to instill stronger security measures at the most critical moment - when an account is first opened, as well as throughout the customer's lifecycle," said David Sosna, CEO of Actimize. "Only Actimize delivers a common transactional risk platform across a rich suite of anti-money laundering, compliance, and fraud prevention solutions. BB&T's choice of the Actimize CDD solution is yet another validation of our industry leadership and vision."

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