UBS, one of the world's leading banks, is upgrading to Fortent's* latest version of their AML solution in Wealth Management & Business Banking
March 31, 2005 - UBS, one of the world's leading banks, is upgrading to Fortent's latest version of their AML solution in Wealth Management & Business Banking. UBS first installed Fortent in 2002 to provide the systematic monitoring of every transaction that flowed through the bank detecting known and unknown patterns of suspicious behavior.
"We spend a lot of effort in the fight against money laundering and continuously improve our comprehensive AML programme. Fortent has been an important building block of our AML Programme in the last few years and the new version will further enhance our capabilities to identify unusual and potentially suspicious activities," commented Pierre Grumbacher, UBS Risk and Compliance.
In January of this year Fortent announced the introduction of V4.1 its market leading AML solution delivering improved performance in the key areas of application and system integration, ease of use, and improved detection capabilities. This latest version provides significantly new functionality for financial service providers already using Fortent. Additionally for the growing number of new users it speeds up the process of installation and integration into their existing systems.
Fortent monitors almost 400 million accounts a day, working with regional, national and global banks. Its software enables organizations to automatically interpret and act upon vast amounts of data, assisting regulatory compliance, risk mitigation and brand protection. Every transaction is monitored for unusual activity, immediately notifying compliance staff about those that may require further investigation and providing them with an evidential audit to effectively manage the compliance process.
"Fortent AML V4.1 represents the accumulation of nearly ten years of experience based on customer and industry feedback, multiple installations and millions of dollars committed to research and development. UBS operate in a complex and demanding environment and are fully committed to ensuring they are using the very best tools available to them to fight financial crime. We are delighted to be supporting them in their endeavor and further developing our partnership with them," said a spokesperson from Fortent.
*Fortent was acquired by Actimize on August 31, 2009