Abbey Selects NetEconomy's ERASE Compliance Manager Solution to Combat Financial Crime in the UK.Business Editors/High-Tech Writers LONDON--(BUSINESS WIRE)--April 26, 2004 Abbey Adopts Cutting Edge Technology Solution to Ensure Compliance and Increase Efficiencies across Multiple Business Units Abbey, one of the UK's leading personal financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies, has selected the ERASE See delete. erase - delete Compliance Manager Solution from NetEconomy, a leading provider of enterprise risk monitoring solutions for the finance industry. ERASE will be implemented to ensure compliance with the Financial Services Authority's (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ) anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. regulations, to identify fraudulent activity and to improve operational efficiency. "As one of the UK's leading banks, we wanted a cutting edge technology solution that would help us go beyond the minimal compliance thresholds required by the FSA and stay a step ahead of the money launderers and fraudsters," said Amanda Hughes, MLRO MLRO Money Laundering Reporting Officer at Abbey. "By selecting NetEconomy's ERASE, we go to the next-level in terms of compliance best-practices and technology efficiencies for managing, investigating and reporting money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. and fraudulent activity." Abbey joins a number of other financial institutions in the UK that have selected ERASE, including Nationwide Building Society. The ERASE UK Compliance Manager Solution is designed to address specific FSA requirements including Know Your Customer (KYC KYC Know Your Customer KYC Know Your Client ) controls as well as NCIS NCIS Naval Criminal Investigative Service NCIS National Coroners Information System (Australia) NCIS Nebraska Career Information System NCIS National Crime Intelligence Service NCIS National Coalition of Independent Scholars reporting of suspicious activity (SARs). ERASE supports MLROs by automatically monitoring every account, customer and transaction, and accurately generating alerts of suspicious activity. Moreover, the system offers user-friendly investigation and case management tools that speed inquiry, manage automated reporting and maintain an audit trail for regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. review. "We are pleased that Abbey has selected our ERASE Compliance Manager solution, and applaud their forward-thinking strategy to adopt a next-generation technology solution across all areas of Abbey business," said John Bone, Sales Director UK & Ireland for NetEconomy. Andrew Voysey, Director of Financial Services, Microsoft UK said, "Money laundering poses a significant and growing risk to financial institutions. We are delighted to be helping Abbey manage this vital business requirement via our specialist Partner, NetEconomy. Through this approach, Abbey will benefit from a cost effective solution which is both scalable and flexible and at the same time, fully compliant with UK anti-money laundering regulations." About Abbey Abbey is the largest bank that only focuses on UK personal financial services. It offers a full range of personal financial services both direct and through intermediaries, to more than 18 million UK customers and expatriates. The range of services includes mortgages and savings, bank accounts, loans and credit cards, long term investments including pensions and unit trusts, life, critical illness and unemployment cover, and household, motor and travel insurance. It also provides offshore banking for expatriates. For more information visit www.abbey.com. About NetEconomy NetEconomy is one of the world's leading providers of real-time enterprise risk monitoring solutions, built on a decade of experience automating anti-money laundering and fraud detection for financial institutions and telecom businesses. NetEconomy has a proven track record of highly successful implementations across the banking sector, with a global customer base across Europe, the Americas, and the Asia Pacific region, helping them to ensure compliance, reduce risk exposure and avoid reputational damage. For more information visit www.neteconomy.com. About Microsoft in Financial Services Microsoft is a leading provider of software products and technology to the financial services industry. Its customers operate in every area of retail banking, insurance and pensions, and the financial markets. Microsoft focuses on helping provide the security, scalability and reliability that the financial enterprise requires. Working with leading software vendors and systems integrators in the banking, insurance and financial markets industries, Microsoft supports financial institutions in re-engineering core business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , achieving straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. , better managing all aspects of risk and capital adequacy, increasing efficiency in branch banking operations, and establishing a new generation of telephone and Internet-based financial services channels. www.microsoft.com/uk/resources/financialservices About Microsoft Founded in 1975, Microsoft (Nasdaq "MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion