Fortent launches Fortent Investigate product – system built specifically for money laundering and fraud cases.
According to Fortent new service for streamlining and automating financial crimes investigations gives financial institutions a centralized view of suspicious customer behavior. Fortent Investigate is the only case management system on the market today built with a “compliance logic”; i.e., it was created by Fortent’s anti-money laundering (AML) and fraud experts expressly to manage alerts, investigations, and reporting for financial institutions’ compliance processes.
With new capacity clients can manage a range of “case worthy” events at banks, such as an operating loss, its particular compliance focus is a departure from more generic case tools on the market.
Investigate solves one of the most actual problem for investigators and managers the tool enables to observe what is happening in different business lines.
The system can detect when a customer who has committed fraud in one area of a bank tries to go through another channel at the bank to conduct business. The rise in cross-channel fraud – which accounted for approximately 40% of all deposit account fraud in 2007, according to the American Bankers Association – has prompted banks to seek safeguards to prevent fraudsters from moving across banking channels to commit crimes.
Key components of the Fortent Investigate technology have been in place for over 10 years. Northern Trust bank is a long-time Fortent client, says that Fortent technology has helped it respond rapidly to organizational change.
Fortent’s workflow has significantly improved the effectiveness of our AML alert management process,” says John D. Larson, SVP/AML Monitoring and Investigations, Northern Trust. “One of the things we have been able to do is create and automate a 90-day alert review process to measure the nature of the SARs we file to better meet regulatory expectations.”
Banks are looking for ways to lower their compliance costs as they grapple with market volatility and budget pressures,” says Sandy Jaffee, CEO and chairman, Fortent. “One way to achieve this is to standardize the investigation process and eliminate redundancy between different lines of business.”
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