Citizens Financial live with NetEconomy AML software

Source: NetEconomy

NetEconomy, the leader in real-time enterprise risk monitoring solutions for the finance industry, announced today that Citizens Financial Group is operational with its ERASE Financial Crime Suite to ensure anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance as well as mitigate money laundering and terrorist financing activity.

"We have been impressed with the quality, professionalism and speed of the ERASE implementation at Citizens," said James Mignone, Senior Vice President, Director Risk Management of Citizens Financial Group. "The system is currently delivering exceptional performance, capability and results, and will allow for significant growth in transaction volume as we expand over time."

The first phase of the ERASE implementation at Citizens has been completed and is handling millions of transactions monthly. With this high transaction volume, ERASE significantly eases SAR reporting with advanced automation, end-to-end workflow and a best-in-class case management environment.

"We are delighted with the quality implementation of ERASE at Citizens Financial Group," said Deniz Prischink, Director of Services at NetEconomy. "Working with our implementation partner ADS, we were able to deliver a fully-integrated solution designed to meet the scalability challenges as well as regulatory requirements faced by Citizens, both quickly and cost-effectively."

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