Owned by Banco Espírito Santo (BES), the second largest bank in Portugal with more than $75 billion in total assets and ranked as one of the top ten banks in all of continental Europe, Espirito Santo Bank is a non-member, state-chartered bank located in Miami, Fla. with mainly foreign nationals as customers, due to its close proximity to Latin America and the Caribbean. By adding the ERASE Compliance Manager, Espirito Santo Bank will be able to monitor transactions to automatically detect suspicious activity, and leverage user-friendly investigation tools and a built-in case management system that tracks, prioritizes and manages cases, and automates reporting for SARs and CTRs.
“Given the location and clientele of our financial institution, it was critical for Espirito Santo Bank to select a robust and comprehensive solution that would significantly reduce our risk profile,” said Martin Prego, senior vice president and head of compliance of Espirito Santo Bank. “We selected NetEconomy because it offered the smartest solution with a full range of cutting-edge capabilities that would improve the quality and effectiveness of our compliance operations. And because the system is so flexible, we won’t need to add new staff over time as new regulations become increasingly more stringent.”
Prego added, “With NetEconomy’s solution we can help our bank expand into lines of business considered ‘High Risk,’ such as foreign correspondent banking and money service businesses, that without NetEconomy, we would be too at-risk to provide. We are extremely pleased with the choice of NetEconomy and look forward to the added value across multiple fronts that the solution will provide to our financial institution.”
“As a financial institution serving foreign nationals operating across Latin America and the Caribbean, Espirito Santo Bank required a solution that would minimize risk while at the same time improve compliance processes and maximize resources,” said Andrew Davies, general manager and sales director of the Americas, of NetEconomy. “We are very pleased to help Espirito Santo Bank address these complex challenges to safeguard their firm and improve compliance operations.”