Fortent announced today the release of a new version of the company's market-leading anti-money laundering technology.
This latest offering in Fortent's financial crime product suite expands the global reach of Fortent's risk and compliance solutions by adding Japanese, Spanish, and Arabic language capabilities to the Fortent platform. Fortent's advanced system streamlines the financial crime investigation process for banks, securities firms, and insurance companies, as well as providing deeper profiling of correspondent banking accounts.
More efficient alert investigation
"This next generation Fortent application represents a major leap in compliance technology and the ability to fight financial crime," says George Faux, Group Executive, Client Relationship Management, at Fortent. "With this latest release, Fortent AML customers will see significant payoff in several areas, including a whole new level of efficiency in the alert investigation process. Organizations are increasingly concerned about the resources absorbed by investigations, and the new set of tools in Fortent AML maximizes the efficiency in this area, saving clients time and money."
New tools for correspondent banking
Responding to heightened regulatory interest in correspondent banking, Fortent has significantly enhanced the monitoring of correspondent banking accounts around the world. With U.S. and international policy-makers - such as the Financial Action Task Force (FATF) and the European Union - imposing tougher "Know Your Customer" standards for banks, the latest version of Fortent AML automatically drills down to collect and organize more granular information about individual parties to transactions, making the process transparent.
"Our new correspondent banking features meet increasing regulatory expectations and create efficiencies across multiple lines of business, including compliance departments, allowing banks to more accurately assess their risk," observes Mr. Faux. "Instead of time spent on manual data-mining to gather individual party information, our customers will have an automated process that learns as it works and continually develops profiles that identify previously unknown risks."
Growing number of languages supported
With this new release, Fortent AML is available in multiple languages, including Japanese, Spanish, and Arabic, expanding the company's global capabilities. Fortent AML is used by financial institutions around the world, including a growing number of banks in Asia.
In operation at tens of thousands of branches worldwide, Fortent AML is recognized as "best-in-class" by the American Bankers Association. Its system is known throughout the industry for:
- Up to 15% case-worthy alerts versus the industry standard of 1%
- Providing a lower total cost of ownership and an increased return on compliance technology investment
- Producing the fewest false positives through unique profiling technology
"Money laundering is a global challenge and transcends country borders," remarks Mr. Faux. "Financial institutions are operating in a global market, but need to have solutions in local languages to meet local conditions. We are committed to answering the needs of financial institutions wherever they operate."