LONDON, United Kingdom, April 26, 2004: Abbey, one of the UK's leading personal financial services companies, has selected the ERASE Compliance Manager Solution from NetEconomy, a leading provider of enterprise risk monitoring solutions for the finance industry. ERASE will be implemented to ensure compliance with the Financial Services Authority's (FSA) anti-money laundering regulations, to identify fraudulent activity and to improve operational efficiency.
"As one of the UK's leading banks, we wanted a cutting edge technology solution that would help us go beyond the minimal compliance thresholds required by the FSA and stay a step ahead of the money launderers and fraudsters," said Amanda Hughes, MLRO at Abbey. "By selecting NetEconomy's ERASE, we go to the next-level in terms of compliance best-practices and technology efficiencies for managing, investigating and reporting money laundering and fraudulent activity."
Abbey joins a number of other financial institutions in the UK that have selected ERASE, including Nationwide Building Society. The ERASE UK Compliance Manager Solution is designed to address specific FSA requirements including Know Your Customer (KYC) controls as well as NCIS reporting of suspicious activity (SARs). ERASE supports MLROs by automatically monitoring every account, customer and transaction, and accurately generating alerts of suspicious activity. Moreover, the system offers user-friendly investigation and case management tools that speed inquiry, manage automated reporting and maintain an audit trail for regulator review.
"We are pleased that Abbey has selected our ERASE Compliance Manager solution, and applaud their forward-thinking strategy to adopt a next-generation technology solution across all areas of Abbey business," said John Bone, Sales Director UK & Ireland for NetEconomy.
Andrew Voysey, Director of Financial Services, Microsoft UK said, "Money laundering poses a significant and growing risk to financial institutions. We are delighted to be helping Abbey manage this vital business requirement via our specialist Partner, NetEconomy. Through this approach, Abbey will benefit from a cost effective solution which is both scalable and flexible and at the same time, fully compliant with UK anti-money laundering regulations."
For further information please contact:
+44 20 775 64232
+31 70 452 5471
+44 20 795 95256