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News

Anti money laundering system for Swedish bank

Fiserv : 16 September, 2008  (Application Story)
Europe wide deployment to take place throughout Swedish based banking group to reduce financial crime and prevent money laundering
Fiserv has announced that Stockholm-based Skandiaviska Enskilda Banken (SEB), one of Europe’s leading banks, is now using Fiserv’s NetEconomy Anti-money Laundering (AML) Compliance Manager solution. Designed to meet regulatory requirements and mitigate and manage potential money laundering activity, the AML implementation across 17 countries in Europe and Asia was delivered on budget over 18 months.

SEB operates in some of the most demanding regulatory environments, including China, Ukraine and Russia. By rolling out Fiserv’s NetEconomy AML Compliance Manager, SEB is adding powerful tools to help with compliance when conducting business around the world.

“SEB takes AML issues very seriously. We wanted to find a solution that follows group common strategies and policies, but at the same time is tailored to meet the different local legislations,” said Jan Björkman, Group AML Officer SEB. “SEB selected Fiserv because it delivers a centralized and flexible solution, which provides a high degree of functionality and ensures resources are leveraged effectively. By implementing Fiserv’s NetEconomy AML Compliance Manager solution for transaction monitoring and reporting SEB can keep ahead of the game. Fiserv’s in-depth knowledge of AML and regulatory issues and its fraud detection expertise mean that we can stay at the forefront of the market, so this technology partnership has proven to be an ideal fit for our business.”

“Financial institutions are at the forefront of the battle against money launderers, and view trust and reputation as critical assets worthy of the most stringent safeguards,” said Sebastian Kuntz, president of Fiserv Fraud and Compliance Solutions. “New legislation requires banks to monitor customers and activities at a level not previously experienced. Fiserv’s solution uses sophisticated analytical tools, which mitigate potential vulnerabilities.”

Fiserv’s NetEconomy AML Compliance Manager solution is a fully integrated anti-money laundering system, which makes use of SEB’s existing IT infrastructure. The central hub resides in Stockholm with additional satellite installation in Russia. By combining transaction monitoring, case management and automated reporting, SEB will be able to effectively deliver the highest degree of accuracy and operational efficiency without placing additional strain on staff resources.

SEB will further enhance its AML monitoring processes by implementing the Advanced Peer Group module (APG) for advanced peer group analysis. Going beyond standard peer group functionality, the APG module builds up profiles that analyse the usual behaviour of similar customers in order to identify those whose activities significantly deviate from the average at any given time period.

The APG module provides increased granularity and transparency for monitoring customer groups and risks; increased accuracy and accountability of alerts; and a higher predictive power of money laundering activity consistent with a risk-based approach to AML detection and management.
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