NetEconomy says that Bank-Fund Staff Federal Credit Union is live with its ERASE Compliance Manager anti-money laundering application.
Bank-Fund Staff Federal Credit Union says it is using ERASE to detect and report suspicious activity and comply with increasingly stringent government regulations targeting Credit Unions.
“Bank-Fund Staff Federal Credit Union has quickly reaped the benefits we were seeking from the ERASE system. The system is easy to use, flexible, and can be configured easily to meet any new condition,” says Cynthia Ryan, the Compliance Officer for Bank-Fund Staff Federal Credit Union. “It gives us the ability to quickly and accurately identify, investigate, track, and report suspicious activity and this has significantly improved the way we manage and prioritise our daily workload.”
“Increasing regulatory pressure is driving Credit Unions to strengthen their financial crime detection and Anti-Money Laundering (AML) controls and procedures,” said Andrew Davies, the Americas General Manager of NetEconomy. “Failing to establish new controls and procedures to detect financial crime can lead to large fines, penalties, and lost member confidence. We are delighted to be able to help protect Bank-Fund and its members from these risks with our ERASE solutions.”