Bpost adopts Fiserv anti-money laundering systems

Bpost adopts Fiserv anti-money laundering systems

Wednesday, February 15th, 2012

Belgium’s bpost has implemented new anti-money laundering (AML) technology from US firm Fiserv, Inc., to protect its domestic and international money transfer services.

The postal operator is using Fiserv’s AML Manager system, which was selected through an “in-depth” competitive tender process and a three-month proof of concept trial.

Full implementation was completed in under a year, Fiserv said, with the system now in use by bpost’s compliance and operations team in Belgium.

Wisconsin-based Fiserv said AML Manager provides bpost with automated transaction monitoring and intelligent detection tools to help with the investigation and reporting of suspicious money-laundering activity.

“By improving hit rates, reducing false positives and minimising investigation cycles, the solution will enable our staff to focus on addressing more high risk activities,” said Rony Monnaie, director of Compliance, Integrity and Risk Management at bpost. 

“The project has been delivered on time and on budget and the success of this implementation, coupled with the strength of the Fiserv team, has laid the groundwork for future collaborations,” Monnaie added.

Fiserv’s AML Manager system is part of its Financial Crime Risk Management platform that has ranked well in financial industry evaluations of AML technology.

Mike Urban, product portfolio manager, Risk and Compliance at Fiserv, said growing regulation and increasing fines along with the potential for reputational risk meant that financial institutions and corporations have to be “rigorous” in monitoring for suspicious transactions.

“To keep ahead of the most advanced criminals, organizations need to look for intelligent monitoring solutions that not only look at thresholds, but also adapt over time for better decision making based on historical activity, trends and behavioral patterns,” he said.

Source: Post&Parcel/Fiserv

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