Included Among the Top Global Risk Technology Vendors
Safe Banking Systems, LLC, a specialist provider of anti-money laundering and compliance solutions, has been included for the second consecutive year in the Chartis 2014 RiskTech100® ranking. Researched and compiled by Chartis, the annual RiskTech100 evaluates and ranks the world’s most influential risk technology providers based on a range of criteria, including product functionality, technology, innovation and customer satisfaction.
“Being recognized by Chartis as one of the top risk technology companies is testament to the strength of Safe Banking Systems and the ability of our solutions to combat terrorist financing, money laundering, fraud and other financial crime,” said David Schiffer, president & CEO, Safe Banking Systems. “We are pleased to have solidified our place among the technology leaders in this highly regarded assessment.”
“Financial institutions are expected to spend more than $30 billion on risk technology in 2015,” said Peyman Mestchian, managing partner at Chartis. “A portion of that expenditure will be directed to closing gaps in anti-money laundering programs and tightening compliance to meet more stringent regulatory demands. Safe Banking Systems’ innovative anti-money laundering solutions and advanced analytics provide a framework for compliance while enabling organizations to proactively mitigate risk.”
SAFE Advanced Solutions®, the company’s flagship product, includes a patented methodology for exposure ranking and probabilistic alert scoring that have proven highly effective in identifying high-risk customers. In addition to screening for sanctions and Politically Exposed
Persons (PEPs), SAFE Advanced Solutions also finds Reputationally Exposed Persons (REPs), those people with adverse media/negative news, and then goes one step further to monitor daily for first-time “newsmakers.” With its dynamic surveillance model, SAFE Advanced Solutions supports enterprise risk management while meeting Know Your Customer (KYC), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) regulatory requirements.