Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, announced today that Jackson, Mississippi-based BankPlus has installed Carreker's CORE (Carreker Online Risk Management Expert) AML Filter for advanced protection against money laundering activity.
CORE AML offers BankPlus a cost-effective Know Your Customer (KYC) anti-money laundering solution that will help minimize the impact of the rising costs of compliance.
"As regulators continue to levy heavy fines against financial institutions for compliance violations it was critical that we select a filtering solution that will help protect both our reputational and customer assets. CORE AML Filter provides us with that protection," said Gee Gee Patridge, CFO, BankPlus. "Complying with increasingly stringent anti-money laundering regulatory requirements creates additional resource needs for the bank, but CORE AML Filter allows us to meet those requirements without significant impact to our bottom line."
"Carreker's AML filter allows us to meet our current and future compliance needs with the latest in money laundering detection technology," said Donna Miller, Vice President of Deposit Services, BankPlus. "The system's fully automated capabilities provide us with maximum efficiency in the processing, investigation and reporting of suspicious individuals, companies, organizations and other named entities."
Miller added, "We've realized an immediate return on our investment with CORE AML Filter. During our first month of operation we generated alerts and determined that several of them warranted further investigation. These are items that otherwise could have potentially gone undetected."
CORE AML Filter compares names in transaction and account data against negative and positive lists, applying advanced detection techniques that minimize false positives while identifying potentially suspicious entities in both batch and real time. The software can take data from across the enterprise and compare it against industry or bank-specific lists. These lists can be updated and processed automatically against existing databases with alerts issued or exempted as needed. Alerts can be automatically routed via e-mail to any selected individual or department, depending on the type of match that has been identified, offering increased efficiencies and unparalleled levels of automation.
"With the threat of money laundering becoming more of a reality at the community banking level, forward-thinking institutions like BankPlus are seeking flexible solutions that will not only comply with regulatory requirements, but also provide them with the highest level of protection possible," said Thomas G. Gordon, senior vice president, Risk Management Solutions, Carreker. "CORE AML Filter uses advanced technology to deliver a cost-effective, enterprise-wide solution that accurately detects suspicious instances."
"We're delighted that BankPlus has chosen our CORE AML Filter system to help protect their institution from the risk of money launderers or other criminals using them for illicit purposes," said J.D. (Denny) Carreker, chairman and CEO, Carreker. "As compliance costs continue to escalate, especially for community banks, we expect our comprehensive AML detection solutions to be in increasingly high demand."