SEB operates in some of the most demanding regulatory environments, including China, Ukraine and Russia. By rolling out Fiservâs NetEconomy AML Compliance Manager, SEB is adding powerful tools to help with compliance when conducting business around the world.
âSEB takes AML issues very seriously. We wanted to find a solution that follows group common strategies and policies, but at the same time is tailored to meet the different local legislations,â said Jan BjÃ¶rkman, Group AML Officer SEB. âSEB selected Fiserv because it delivers a centralized and flexible solution, which provides a high degree of functionality and ensures resources are leveraged effectively. By implementing Fiservâs NetEconomy AML Compliance Manager solution for transaction monitoring and reporting SEB can keep ahead of the game. Fiservâs in-depth knowledge of AML and regulatory issues and its fraud detection expertise mean that we can stay at the forefront of the market, so this technology partnership has proven to be an ideal fit for our business.â
âFinancial institutions are at the forefront of the battle against money launderers, and view trust and reputation as critical assets worthy of the most stringent safeguards,â said Sebastian Kuntz, president of Fiserv Fraud and Compliance Solutions. âNew legislation requires banks to monitor customers and activities at a level not previously experienced. Fiservâs solution uses sophisticated analytical tools, which mitigate potential vulnerabilities.â
Fiservâs NetEconomy AML Compliance Manager solution is a fully integrated anti-money laundering system, which leverages SEBâs existing IT infrastructure. The central hub resides in Stockholm with additional satellite installation in Russia. By combining transaction monitoring, case management and automated reporting, SEB will be able to effectively deliver the highest degree of accuracy and operational efficiency without placing additional strain on staff resources.
SEB will further enhance its AML monitoring processes by implementing the Advanced Peer Group module (APG) for advanced peer group analysis. Going beyond standard peer group functionality, the APG module builds up profiles that analyze the usual behavior of similar customers in order to identify those whose activities significantly deviate from the average at any given time period.
The APG module provides increased granularity and transparency for monitoring customer groups and risks; increased accuracy and accountability of alerts; and a higher predictive power of money laundering activity consistent with a risk-based approach to AML detection and management.