Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that New York Community Bank, the primary subsidiary of New York Community Bancorp, Inc., has selected Metavante Risk and Compliance Solutions to automate its regulatory methodologies.
Metavante will provide New York Community Bank with several components of compliance software from its Prime Associates unit that include: BSA Reporter, EDD Reporter, OFAC Reporter, Legal Reporter and the Prime Compliance Databank. New York Community Bank will use these tools in its ongoing efforts to comply with U.S. and international regulatory compliance requirements.
Metavante Risk and Compliance Solutions provide an integrated suite of Bank Secrecy Act, USA PATRIOT Act, and OFAC compliance software products that enable financial services institutions to filter and review their customers' transactions for sanctioned party violations. It facilitates suspicious activity detection and automatically files the necessary regulatory reports with the appropriate regulatory agencies (such as FinCEN). In addition, it helps financial institutions comply with the USA PATRIOT Act through customer identity verification and record keeping, a review module that compares customer records with known or suspected terrorist lists, and risk-based modeling of customers.
BSA Reporter provides Bank Secrecy Act compliant anti-money laundering (AML) functions and EDD Reporter delivers Enhanced Due Diligence (EDD) for "Know Your Customer" and customer identification program compliance functions. OFAC Reporter offers heightened awareness of politically exposed persons and financial fraudsters on a global basis and helps meet mandates set by global sanctioning bodies, such as the U.S. Treasury Office of Foreign Assets Control. Legal Reporter equips financial institutions with automated subpoena and FinCEN 314a management, including research and reporting capabilities.
The Prime Compliance Databank provides critical regulatory, legal, and reputational due diligence data for the compliance software suite. It creates global sanctioned party data as well as non-sanctioned party data from multiple countries around the world. Prime's data lists are designed to greatly enhance sanctions filtering efforts and integrate
"New York Community Bank's proactive approach to regulatory best practice is synergistic with the market-leading solutions offered by Prime. The relationship will offer a best-in-class solution to a difficult challenge," said Salvatore Cangialosi, president, Prime Associates, Inc.
Metavante's Risk and Compliance Management solutions allow clients to identify seen and unforeseen risks and develop successful, sustainable, compliance programs tailored to their needs. Through a proven methodology, which includes enabling technology and industry expertise, Metavante enables clients to reduce their risk management burden and grow their business.