Source: Global Vision Systems
GlobalVision Systems announced today that, after almost one year of intensive and careful evaluation of leading national BSA/AML solutions, the American Bankers Association (ABA) has endorsed GlobalVision's PATRIOT Officer, as the best-in-class rule-based, risk-weighted intelligent BSA/AML/ATF software solution for ABA members and the industry.
In recent years, government agencies have required financial institutions to strengthen their Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) programs in accordance with the Bank Secrecy Act (BSA), the USA PATRIOT Act, and the requirements set by Office of Foreign Assets Control (OFAC). As a result, obtaining the best BSA/AML/ATF solution has become a high priority for financial institutions across the nation. However, with various BSA/AML/ATF software systems available on the market today, identifying the best BSA/AML solution can be a daunting task.
The ABA and its affiliate, the Corporation for American Banking (CAB) conducted a thorough review of leading national providers, which included an independent consultant evaluation from Sheshunoff Management Services and feedback from ABA members of various asset sizes.
"After a very careful and extensive evaluation of leading national BSA/AML transaction monitoring solutions, ABA is pleased to announce its endorsement of the PATRIOT Officer," noted John Wolff, CAB's Executive Director. "This endorsement signifies our confidence that GlobalVision's PATRIOT Officer has been thoroughly researched, tested and approved by bankers to support the needs of large institutions and community banks.
PATRIOT Officer uses an advanced rule-based intelligent system with Dynamic Multidimensional Risk-Weighted Suspicious Activities DetectorTM (Patent Pending) that automates the entire risk-based BSA/AML process of financial institutions by monitoring, detecting, investigating and analyzing suspicious activities across all product lines with the highest resolution and most accurate results. PATRIOT Officer empowers financial institutions to efficiently and effectively comply with the new BSA/AML Examination Manual published by FFIEC in June, 2005. Instead of using labor-intensive and time-consuming legacy software, hundreds of financial institutions across the nation are utilizing the PATRIOT Officer to pass examinations smoothly while increasing their competitive advantages.
"American Bankers Association is the largest and most respected authoritative bankers association in the nation. We are deeply honored that ABA has decided to endorse and recommend the PATRIOT Officer to its members," said Oliver Song, President and CEO of GlobalVision Systems, Inc. "More than 60% of the core banking system vendors and data centers in the nation are endorsing and reselling the PATRIOT Officer as the number one BSA/AML/ATF software solution. It is our great honor to receive such high recognition from ABA, reaffirming the belief of our partners. We look forward to further strengthening our homeland security through the distinguished ABA by providing the best rule-based, risk-weighted intelligent BSA/AML/ATF solution – the PATRIOT Officer to ABA members."