Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Fortent How to cut costs of anti-money laundering regs
NEW YORK (3/14/08)--A white paper from Fortent outlines ways credit unions can lower the costs of anti-money laundering (AML) systems. Fortent developed the solutions to address cost issues, because “the most significant driver by far is how much organizations spend on operating their AML systems and all the workflow that surrounds these systems, including investigations,” said Ray Parodi, Fortent group executive of product management. Steps outlined in the paper include:
* Breaking down enterprise data silos; * Adopting dynamic profiling technology; and * Leveraging AML systems to fight fraud.
“We have put our research and development into finding ways to reduce these costs and have found that using the right technology can lower the total cost of ownership of AML systems by up to 40%,” Parodi said. The costs of investigations and Suspicious Activity Report (SAR) filings are higher than hardware or systems, according to Fortent. Fortent’s white paper will be distributed next week at Money Laundering Alert’s 13th annual International Conference and Exhibition in Hollywood, Fla. To download the paper, use the link.
Other Resources

RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
14 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
15 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
15 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
17 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
18 hours ago