âAfter careful evaluation of the leading financial crime solution vendors, we chose NetEconomy for its cost-effective and easily configurable anti-money laundering and fraud prevention solutions,â said Alexander Pankov, Senior Vice-President and Board Member responsible for Compliance and Risk Management of Rietumu Banka. âNetEconomyâs highly skilled staff and out-of-the box solutions will ensure rapid implementation to meet our compliance timeline and requirements.â
âWe are extremely pleased to welcome Rietumu Banka to our portfolio of banks in the Baltic Region,â said Peter Kwakernaak, Vice President Sales and Marketing of NetEconomy. âWith the choice of ERASE, Rietumu is taking a vital step towards reducing regulatory risk, minimizing fraud losses and mitigating financial crime.â
In addition to selecting the ERASE Compliance and Fraud Manager solutions, Rietumu Banka will be implementing NetEconomyâs Advanced Peer Group Analysis (APG) Module. The APG Module uses a risk scoring calculation to identify extreme deviations, flagging alerts only when a customerâs behavior is significantly different from others in its peer groups. By leveraging this dynamic calculation method at Rietumu Banka, exceptionally high-quality alerts will be generated.