London, 13 October 2003 - Fundtech Ltd. (NASDAQ: FNDT), a leading provider of payments, settlement and cash management software and services, today announced the introduction of AML Manager TM. The product will provide financial institutions with an enterprise-wide system that will deliver consistent and highly automated compliance with international banking regulations related to anti-money laundering, such as the USA Patriot Act.
Fundtech's AML Manager integrates three major components to form the most complete product of its kind: OFAC Module, Suspicious Activity Module and Know-Your-Customer Module. Together these components enable financial institutions to detect, analyse and report suspicious activities transacted by their customers, and can automatically file the necessary reports with the various regulatory agencies.
Currently many financial institutions have multiple compliance systems that are incompatible and inefficient. AML Manager is designed to be a single compliance platform for the entire enterprise, providing consistent enforcement and operating efficiencies.
"AML Manager broadens Fundtech's product line into an area that has become increasingly important to our customer base and the entire industry," said Joseph Mazzetti, Executive Vice President, Fundtech. "Many financial institutions are frustrated by the growing complexity of new global anti-money laundering regulations. AML Manager enables them to comply quickly and easily, through a centralized system, and offers an affordable option that will reduce operating expense by automating this ever more complex and labour intensive process."
Prime Associates, a leading provider of regulatory compliance software products and data for the financial services industry - and recently ranked #1 in a Celent Research report entitled "Ranking of Vendors of Anti-Money Laundering Solutions" - is providing Fundtech with Compliance Manager TM. Compliance Manager will provide the core regulatory compliance content for this product.