Carreker connects AML system to World-Check database
27 April 2004 | 1915 views | 0
Carreker Corporation (NASDAQ:CANI), a leading provider of technology and consulting solutions for the financial industry, today announced that it has formed an alliance with World-Check, a leading provider of intelligence on potential high-risk financial customers.
Carreker and World-Check will offer a comprehensive enterprise-level fraudulent detection and risk management solution to the global market. As an integrated software solution, this combination will add significant benefits in the efforts of financial institutions to detect money laundering and other suspicious activities.
Carreker will enhance its risk management capabilities by making World-Check's extensive global list of high-risk individuals and businesses available to its customers through key components of its CORE (Carreker On-Line Risk Expert) solution suite. The CORE AML (Anti-Money Laundering) solution includes an AML Filter product that delivers critical "Know Your Customer" compliance, and an available real time transaction monitoring capability, which provides a complete behavior and risk profile for each relationship -- at the account and relationship levels.
The CORE AML Filter screens incoming transactions, as well as existing accounts and transactions originating from within a financial institution's organization. Transaction and account information is then compared against World-Check's extensive database, which provides comprehensive profiles of high-risk and potential high-risk persons and entities and those associated with them.
The World-Check database is the largest structured database of publicly available intelligence on heightened risk financial customers, including money launderers, fraudsters, terrorists and political exposed persons (PEP's), among numerous other categories. World-Check tracks and creates profiles for such entities and gathers information on their relationship network - the people and companies that are reported to be associated with each entry in the database.
Additional detailed information relevant to compliance needs is also provided; non-cooperative countries, named entities such as ships, companies and organizations, and other detail which can be leveraged in the Carreker AML application for both identifying and then investigating the suspected person or entity to determine if further action is needed by the user.
"Carreker has built a reputation as a global leader in risk management, so this alliance is a natural fit for us," said David Leppan, World-Check, CEO. "Combining our in-depth database of heightened risk persons and entities from every country in the world with Carreker's robust anti-money laundering solution equips financial institutions around the globe with one of the most comprehensive risk management tools in the industry."
"World-Check's footprint as a premier provider of structured intelligence in the financial industry is unmatched, with more than 450 financial institutions and government agencies in 52 countries world-wide using their database to combat money laundering and other suspicious activities," said Thomas G. Gordon, senior vice president, Risk Solutions Group, Carreker. "In addition to its scalability and flexibility, World-Check provides our customers with a number of distinct advantages including advanced sorting capabilities against which we can create customized rules."
Gordon added, "By providing the relatives and close associates as well as many other data points for heightened risk persons, World-Check includes relevant information that can be used to determine whether the name identified should be considered suspicious or if it is a good customer not affected by money laundering regulations."
"Having access to an intelligent list of potential high-risk customers is of significant importance to financial institutions in their war against fraud and money laundering," said J.D. (Denny) Carreker, chairman and CEO, Carreker. "As we look to help protect our customers' bottom line by mitigating their exposure to risk, World-Check offers the ideal complement to our CORE risk management solution by helping our customers identify these risks very early in the process."