Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, today announced the integration of its AML Filter with Deloitte AMLcheck, the online anti-money laundering compliance tool that helps banks, non-bank financial institutions, lawyers, accountants, real estate agents and other businesses affected by AML regulation to cost-effectively meet their AML compliance obligations.
Developed in Australia, where Carreker's fraud detection solutions already serve all the major banks, Deloitte AMLcheck is a secure, web-based 'Know your customer' (KYC) tool that enables businesses to perform customer checks against national and international databases and sanctioned lists, to validate the identity of customers and determine whether they are a known money launderer or terrorist financer.
Deloitte AMLcheck does not require any costly IT system or software implementation. Users are charged a low, flat monthly subscription fee for access and a per transaction fee for making checks. The tool also provides AML compliance training for employees to arm themselves with the knowledge to recognize attempts to launder money.
Carreker's AML Filter matches customer names against World-Check's comprehensive database of people and companies considered to be of a high or heightened risk including 100 sanction and embargo lists. Intelligence contained in World-Check is gathered from over 200,000 sources worldwide.
After the first wave of anti-money laundering laws and regulations went into effect, many banks invested heavily in solutions, only to find those solutions unsuitable as threats and laws changed or other countries imposed a different set of measures.
"As banks and other small businesses prepare to comply with increasingly more stringent anti-money laundering legislation, the need for a cost- effective compliance tool has never been more apparent," said Tim Phillipps, Deloitte AML Team Leader. "Deloitte AMLcheck is an advanced compliance solution that combines Carreker's years of experience in providing industry- leading risk management tools to the financial services industry with Deloitte's highly successful Forensics Practice and World-Check's industry-leading approach to politically exposed persons (PEP) identification and list management."
"Working with leaders such as Deloitte and Carreker on such a cutting-edge KYC solution for non-financial institutions is extremely exciting," said David Leppan, World-Check Founder and CEO. "As the industry-leader in the field of KYC and PEP intelligence, we are delighted to have been selected and we are certain that the combination of expertise being offered via AMLcheck will be extremely well received."
Thomas G. Gordon, Executive Vice President, Risk Solutions Group, Carreker, said, "The challenge for our clients is daunting. They must stay current with myriad, changing rules in different countries, ensure employees are fully trained on AML deterrence and compliance, and protect their deposits, customers, and reputations through database technology and analytics.
"The situation clearly requires trusted providers with international reach, a comprehensive solution that can be tailored to each locale - and of course a cost-effective delivery method that can keep content current. Our alliance with Deloitte and World-Check covers all those bases. As we see success in our Australian deployment, we look forward to expanding to other countries."