Metavante will provide First American Bank with software and services from its Prime Compliance Suite, including: BSA Reporter, EDD Reporter, OFAC Reporter, Legal Reporter, the Prime Compliance Databank, and implementation services. First American Bank will use these tools in its ongoing efforts to comply with U.S. and international regulatory compliance requirements.
"We were looking for innovative technology to help us meet our compliance obligations and protect our customers from fraudulent activity," said Sara Savanelli, senior vice president, First American Bank. "Prime Compliance Suite offers a single system of record and functionality to automate our customer identification programs, ongoing transaction monitoring, case management and government reporting. These unique solutions not only will help us effectively and efficiently comply with the law, but also grow our business."
Metavante Risk and Compliance Solutions provide an integrated suite of Bank Secrecy Act, USA PATRIOT Act and OFAC compliance software products that enable financial services institutions to monitor their customer transactions for money laundering and filter and review their customers' transactions for sanctioned party violations. It facilitates suspicious activity detection and automates filing of the necessary regulatory reports with the appropriate governmental agencies. In addition, it helps financial institutions comply with the USA PATRIOT Act through customer identity verification and record-keeping, a review module that compares customer records with known or suspected terrorist lists, and risk-based modeling of customers.
BSA Reporter software provides Bank Secrecy Act compliant anti-money laundering (AML), functions and EDD Reporter software delivers Enhanced Due Diligence (EDD) for "Know Your Customer" and customer identification program compliance functions. OFAC Reporter software offers heightened awareness of politically exposed persons and financial fraudsters on a global basis and helps meet mandates set by global sanctioning bodies, such as the U.S. Treasury Office of Foreign Assets Control. Legal Reporter equips financial institutions with automated subpoena and FinCEN 314a management, including research and reporting capabilities.
The Prime Compliance Databank provides critical regulatory, legal and reputational due diligence data for the compliance software suite. It creates global sanctioned party data, as well as non-sanctioned party data from multiple countries around the world. Metavante's data lists are designed to greatly enhance sanctions filtering efforts and integrate seamlessly with Metavante's applications. The data lists can be used with other products.
"We build long-term relationships with the goal of helping clients confidently demonstrate an effective AML program to their regulators," said Gary Refinski, executive vice president, Metavante Corporation. "Whether they use our suite of AML and OFAC software, our compliance consulting services or some combination thereof, the solutions we offer our clients are tailored to their needs and unique to the marketplace."
Metavante Risk and Compliance Solutions assist clients in developing effective, efficient and sustainable risk and compliance programs to identify and manage the seen and unforeseen risks inherent in today's financial services operations. By combining operational risk and compliance acumen with financial services expertise and enabling technologies, Metavante helps clients reduce their risk management burden and grow their business. Offerings include business consulting and technology solutions for: enterprise risk programs; business continuity and information technology recovery planning; information security and privacy; fraud detection and prevention; and regulatory compliance, including: federal deposit and lending regulations, Bank Secrecy Act, USA PATRIOT Act, Basel II, Sarbanes Oxley Act and Gramm-Leach-Bliley Act.