Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that Trasta Komercbanka has signed on to use AML Manager and the Dynamic Risk Scoring module from Fiserv to demonstrate compliance with EU money laundering legislation, and minimize its business and reputational risk.
âLatvia recently enacted new anti-money laundering legislation and in order to meet its requirements on a higher level, Trasta Komercbanka decided to implement a robust system that can accurately detect, track and report all suspicious activity,â said Jekaterina Larionova, AML Compliance project manager, Development and Project Division, Trasta Komercbanka. âAfter thoroughly evaluating several vendors, we chose Fiserv for its proven best-in-class AML solution and its existing customer base in the Baltics.â
AML Manager is Fiservâs solution for anti-money laundering detection, management and reporting. The Dynamic Risk Scoring module enables financial institutions to conduct ongoing due diligence on existing customers, placing a higher importance and priority on alerts generated from high risk accounts and customers. Using these solutions from Fiserv, Trasta Komercbanka will now have the ability to: monitor its transactions in order to detect potential money laundering; calculate risk scores for their customers to support initial and ongoing customer due diligence; manage alert and case investigations; and provide a comprehensive audit trail to demonstrate best practices â all key compliance activities that financial institutions must do to demonstrate compliance with EU money laundering legislation.
âUsing Fiservâs anti-money laundering solutions can give financial institutions such as Trasta Komercbanka peace of mind that they are compliant through automated AML processes with a full audit trail. In doing so, they know they have minimized their reputational risk related to money laundering activities,â said John Filby, president, Risk Management Solutions, Fiserv. âTrasta Komercbanka is our fourth implementation in Latvia, confirming our commitment to - and strength in - the Baltic market. Combined with our strong presence in The Hague, Fiserv is there to support financial institutions throughout the region.â
Fiserv will also provide Trasta Komercbanka ongoing knowledge transfer, training and support through its NetPractice online user community.