NetEconomy says that Rietumu Banka, one of the largest private banks in Latvia, has selected its ERASE application to detect and manage money laundering and prevent fraudulent activity.
“After careful evaluation of the leading financial crime solution vendors, we chose NetEconomy for its cost-effective and easily configurable anti-money laundering and fraud prevention solutions,” says Alexander Pankov, a Senior Vice-President and Board Member responsible for Compliance and Risk Management of Rietumu Banka. “NetEconomy’s highly skilled staff and out-of-the box solutions will ensure rapid implementation to meet our compliance timeline and requirements.”
“We are extremely pleased to welcome Rietumu Banka to our portfolio of banks in the Baltic Region,” adds Peter Kwakernaak, a Vice President of Sales and Marketing of NetEconomy. “With the choice of ERASE, Rietumu is taking a vital step towards reducing regulatory risk, minimising fraud losses and mitigating financial crime.”
In addition to selecting the ERASE Compliance and Fraud Manager solutions, Rietumu Banka will be implementing NetEconomy’s Advanced Peer Group Analysis (APG) Module. The APG Module uses a risk scoring calculation to identify extreme deviations, flagging alerts only when a customer’s behavior is significantly different from others in its peer groups.