Fortent, a provider of compliance information, technology, and training, announced today that The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), will implement Fortent's anti-money laundering solution across their global network, commencing the rollout in their New York, London, and Manila branches. BTMU is the largest bank in Japan and the largest bank by asset size in the world.
According to a recent report in The Nikkei, BTMU is said to be the first Japanese bank to implement such an extensive transaction-monitoring system.
Based in the United States, Fortent offers information and technology solutions to banks, insurance companies, brokerage firms, government agencies, businesses, and compliance professionals from more than 100 countries. Fortent's advanced monitoring and detection systems deliver the lowest false- positive rates in the industry and help clients manage the increasingly strict regulatory burdens worldwide.
"We are pleased to have been selected by one of the world's most dynamic banking organizations as they take the lead in fighting financial crime," commented Robert Binney, Vice Chairman of Fortent. "Not only does this represent a major step for Fortent as we start to establish ourselves in Japan, but it also continues to reaffirm our global leadership in the compliance market. By selecting our AML system, BTMU joins a rapidly growing list of institutions around the world that have adopted Fortent's technology to reduce regulatory and reputational risk."