Fortent, a provider of information and technology to the risk and compliance market, announced today that Commerce Bancorp, Inc. (NYSE:CBH) , based in Cherry Hill, NJ, has successfully deployed Fortent's anti-money laundering (AML) system throughout its operations.
With $46 billion+ in assets, Commerce is one of the fastest growing financial services retailers in the country. The bank's network includes nearly 450 offices throughout the metropolitan New York, Philadelphia, and Washington, D.C., markets and south Florida.
"As a bank experiencing aggressive expansion, we needed an AML system that could match the resultant growth and complexity in transaction volumes," says Chuck Silverman, AML Program Deputy Director / Strategic Planning and Analytics, at Commerce Bank. "Fortent AML has proven that it can deliver exceptional results. We have gained efficiencies and increased controls by putting the transaction volumes of the bank's operations through Fortent's powerful monitoring engine, allowing us to consolidate our work and, most important, conduct comprehensive horizontal reviews across the entire business."
Fortent AML is being implemented in a growing number of regional financial institutions, a sector undergoing rapid transformation driven by tougher regulatory scrutiny and increasing competitive pressures. Endorsed by the American Bankers Association and delivering the lowest false-positive track record in the industry, Fortent's technology provides the most efficient and effective means of AML compliance.
"In addition to systems excellence and reliability, we have found that Fortent's active User Group community has provided significant value to our compliance processes," says Mr. Silverman. "By sharing best practices and approaches with other compliance professionals, we have all gained substantive insight into improving workflow, reducing costs, and streamlining our compliance activities."
"With the new level of regulatory oversight affecting financial institutions of all sizes, Fortent is helping Commerce Bank address its risk management needs and focus on delivering the innovative financial services the bank is known for," observes Sandy Jaffee, CEO of Fortent. "Commerce is in a vital period of growth, and having the right tools for monitoring the rising scale and complexity in its business will give the bank a significant strategic advantage."