SunGard has extended its Ambit banking application suite to include new anti-money laundering (AML) functionality. Building on Ambit’s core banking offering, the new software – Ambit Anti-Money Laundering – will provide a detection and compliance platform that offers watch-list checking, Know Your Customer (KYC), unusual behavior detection and case management.
Banks today require standard AML programs that check customer and wire names against sanctions and “risk” watch lists, alerting compliance officers to unusual transactions. As a result of the large number of names, accounts and transactions, and variations in the nature of unusual transactions, cost-effective automated tools are increasingly required by institutions for compliance.
Ambit Anti-Money Laundering, which is part of Ambit’s risk management and compliance suite, will provide banks with watch-list checking, comprehensive monitoring of transactions and accounts to generate scored alerts, and case management facilities to help detect, pro-actively investigate and report on suspected money laundering activities. Providing implementation flexibility, the technology can be delivered as an installed application or in a hosted environment – a method that will help lower the total cost of ownership for small institutions.
“With the increase in regulatory oversight and legislation for anti-money laundering and counter terrorist financing, banks require a solution that provides automated and consistent surveillance of transactions, accounts and customers across all lines of business,” says Ken Dummitt, president of SunGard’s banks and corporations business. “They also need a partner they can trust. This extension of the Ambit banking solution will help SunGard to continue to support its customers and provide new compliance software within this important and growing area. It is further proof of our commitment to extending Ambit’s capabilities to meet current and future customer needs.”
D.C.