Delivers superior AML, risk management and compliance
Safe Banking Systems, a specialist provider of anti-money laundering and compliance solutions, today announced that Sterling Bancorp has implemented SAFE Advanced Solutions® to support the Bank’s anti-money laundering, enterprise risk management and compliance efforts. Sterling Bancorp is the new entity recently formed by Provident New York Bancorp’s acquisition of Sterling Bancorp and the merging of Sterling National Bank and Provident Bank.
SAFE Advanced Solutions uses a dynamic surveillance model that is highly effective for identifying sanctions, Politically Exposed Persons (PEPs) and Reputationally Exposed Persons (found in adverse media) in a world of constantly changing information. It includes SAFE Exposure Index®, the patented methodology for risk ranking large databases, and the probability scoring model of SAFE Strength Index. Together, this powerful combination provides Sterling Bancorp with an efficient alert management process that facilitates compliance with Know Your Customer, Customer Due Diligence and Enhanced Due Diligence regulatory requirements.
“Technology is a fundamental element of our business strategy as it contributes to effective risk management, maximizes efficiency and provides an infrastructure for growth,” said Jason Vazquez, Senior Vice President and BSA/AML Officer, Sterling Bancorp. “Safe Banking Systems’ hosted solution has enabled us to harness sophisticated and advanced technology to proactively monitor for risk while greatly reducing our internal costs. The quality of alerts that we now receive is consistent with our strategy and is superior to other vendors that we have encountered.”
“Managing risk across the enterprise while balancing costs is a huge challenge for compliance departments,” said David Schiffer, president and CEO of Safe Banking Systems. “We are pleased that Sterling Bancorp is seeing immediate and tangible benefits from SAFE Advanced Solutions®. It has completely transformed the company’s AML and compliance program by automating watch list filtering, facilitating onboarding, improving alert management, and enhancing productivity. These benefits will only multiply as Sterling Bancorp continues to expand its client base.”