New Fortent AML release extends language capabilities to Japanese,
and Arabic and enhances investigation and correspondent banking features
NEW YORK, Oct. 25 /CNW/ -- Fortent announced today the release of a new
version of the company's market-leading anti-money laundering technology. This
latest offering in Fortent's financial crime product suite expands the global
reach of Fortent's risk and compliance solutions by adding Japanese, Spanish,
and Arabic language capabilities to the Fortent platform. Fortent's advanced
system streamlines the financial crime investigation process for banks,
securities firms, and insurance companies, as well as providing deeper
profiling of correspondent banking accounts.
More efficient alert investigation
"This next generation Fortent application represents a major leap in
compliance technology and the ability to fight financial crime," says George
Faux, Group Executive, Client Relationship Management, at Fortent. "With this
latest release, Fortent AML customers will see significant payoff in several
areas, including a whole new level of efficiency in the alert investigation
process. Organizations are increasingly concerned about the resources absorbed
by investigations, and the new set of tools in Fortent AML maximizes the
efficiency in this area, saving clients time and money."
New tools for correspondent banking
Responding to heightened regulatory interest in correspondent banking,
Fortent has significantly enhanced the monitoring of correspondent banking
accounts around the world. With U.S. and international policy-makers - such as
the Financial Action Task Force (FATF) and the European Union - imposing
tougher "Know Your Customer" standards for banks, the latest version of
Fortent AML automatically drills down to collect and organize more granular
information about individual parties to transactions, making the process
"Our new correspondent banking features meet increasing regulatory
expectations and create efficiencies across multiple lines of business,
including compliance departments, allowing banks to more accurately assess
their risk," observes Mr. Faux. "Instead of time spent on manual data-mining
to gather individual party information, our customers will have an automated
process that learns as it works and continually develops profiles that
identify previously unknown risks."
Growing number of languages supported
With this new release, Fortent AML is available in multiple languages,
including Japanese, Spanish, and Arabic, expanding the company's global
capabilities. Fortent AML is used by financial institutions around the world,
including a growing number of banks in Asia.
In operation at tens of thousands of branches worldwide, Fortent AML is
recognized as "best-in-class" by the American Bankers Association. Its system
is known throughout the industry for:
-- Up to 15% case-worthy alerts versus the industry standard of 1%
-- Providing a lower total cost of ownership and an increased return on
compliance technology investment
-- Producing the fewest false positives through unique profiling
"Money laundering is a global challenge and transcends country borders,"
remarks Mr. Faux. "Financial institutions are operating in a global market,
but need to have solutions in local languages to meet local conditions. We are
committed to answering the needs of financial institutions wherever they
If you would like more information about Fortent AML or Fortent's other
risk and compliance solutions, please contact Suzanne Oaks or Rimjhim Dey of
Temin and Company at 212-588-8788 or firstname.lastname@example.org.
Fortent provides comprehensive information and technology solutions to
the risk and compliance market worldwide. It serves banks, brokers, insurance
companies, government agencies, businesses, and compliance professionals from
more than 100 countries.
With advanced monitoring and detection systems that have been endorsed by
the American Bankers Association, Fortent delivers the most efficient and
effective anti-money laundering, know your customer, and fraud detection
technologies available on the market today. Fortent's publishing, conference,
and training businesses, including those of Alert Global Media, are the
compliance industry's authoritative resource for news, regulatory guidance,
and professional education and certification.
Based in New York with eight offices located around the world, Fortent is
a strategic supplier of compliance technology to leading large and mid-sized
financial firms including The Bank of New York, Barclays, JPMorgan Chase,
Lloyds TSB, The Royal Bank of Scotland, Scotiabank, Societe Generale, and UBS.
Suzanne Oaks or Rimjhim Dey of Temin and Company, 212-588-8788, or
email@example.com, for Fortent.
For further information:
For further information: Suzanne Oaks or Rimjhim Dey of Temin and
Company, +1-212-588-8788, or firstname.lastname@example.org, for Fortent