Union Bank selects Wolters Kluwer financial crime control offering

Source: Wolters Kluwer Financial Services

Wolters Kluwer Financial Services announced today that Union Bank, N.A. has selected the company's Wiz Sentri: Financial Crime Control solution to actively monitor and manage operational risk.

Wiz Sentri: Financial Crime Control solution gives financial institutions the ability to mitigate operational and compliance risks tied to financial crime in each of their major business lines using a single technology platform.

"Protecting our institution from the growing threat of financial crime is paramount," said Bill Ward, the senior vice president of the San Francisco-based bank's Enterprise Business Security & Intelligence division. "We selected Wolters Kluwer Financial Services for their compliance and operational risk management expertise and Wiz Sentri's real-time, continuous behavioral monitoring, analysis and investigation capabilities. When combined, the two enable us to deliver on a preventative strategy with respect to fraudulent attacks."

The Wiz Sentri: Financial Crime Control solution platform employs proven network surveillance technology infused with Wolters Kluwer Financial Services' regulatory and risk management expertise. Wiz Sentri enables institutions to create and continually update profiles of normal customer, employee, account, loan and transactional activity. When the system detects suspicious or anomalous behavior, it notifies the institution, helping it to prevent a possible financial crime from occurring.

"In today's economy, financial institutions need to have a strategic advantage in controlling monetary and reputational risks that accompany financial crimes," said Tom Leuchtner, director of Financial Crime Solutions at Wolters Kluwer Financial Services. "Through our relationship, Union Bank can now identify potential fraudulent activity in real-time. This will allow them to realize a solid return on investment by helping prevent financial losses from fraud, as well as improving the trust and confidence of their customers and stakeholders."

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