In doing so, the Wiz Sentri platform can help institutions avoid significant financial losses, compliance exposure and reputational risk, rather than trying to mitigate damage after the fact.

Institutions can use Wiz Sentri to fight money laundering and numerous forms of internal and external fraud, including wire/payments fraud, online fraud, check kiting and identity theft. The solution is designed to streamline processes, reduce operating costs and minimize risks tied to working with multiple providers and disparate technology systems. Because the platform allows institutions to take a phased, risk-based approach to detecting and preventing criminal activity, they can reduce IT project costs and time frames to help ensure a quicker return on their technology investment.

"Anti-fraud is a business activity, with direct benefits to a bank's bottom line," according to Neil Katkov, senior vice president, Asia, for Celent. "By combining anti-fraud and AML systems, banks can potentially get a return on their AML burden."

The Wiz Sentri platform employs proven network surveillance technology infused with Wolters Kluwer Financial Services' regulatory and risk management expertise. The solution enables institutions to create and update profiles of normal customer, employee, account and transactional activity. If the system detects anomalous behavior or transactions that may indicate early-stage suspicious activity, it immediately notifies the institution, helping the institution to prevent a possible financial crime from occurring.

"In today's soft economy, financial institutions can't afford the monetary and reputational losses that accompany financial crimes," said Tom Leuchtner, director of the Financial Crimes business unit at Wolters Kluwer Financial Services. "By investing in a combined anti-fraud and AML solution with technology that actually enables a preventative approach, they can stop these crimes from occurring, realizing a substantial return on investment in terms of preventing financial losses and maintaining the trust and confidence of their customers."