The need for banks to have far greater protection from Anti-Money Laundering is shown by how Fundtech, a leading provider of global transaction banking solutions, has migrated 40 of its financial messaging service bureau customers to its new compliance solution, Global Compliance Plus.

Global Compliance Plus

Fundtech’s Global Compliance Plus implements a proprietary algorithm to reduce the costly ‘false positives’ associated with anti-money laundering compliance by ensuring that messages which have already passed scrutiny are not re-checked; that messages are only filtered through the appropriate national or international lists; and that fields for matching can be set to varying degrees of specificity, allowing banks to be as selective or as broad in their criteria as they would like. The solution simplifies and automates the bank’s compliance processes, ultimately lowering associated costs and reducing operational risk. It can be used as a stand-alone, in-house compliance filtering solution or integrated with Fundtech’s global payments and cash management solutions. It can also be delivered through a SaaS model, further saving a bank time and money, and reducing risk.

Current users

Among the banks that have been successfully migrated to Fundtech’s new compliance solution is Migros Bank, a top ten bank in Switzerland, which anticipates the solution will provide a cost effective means to achieve compliance. “Using Global Compliance Plus, Migros Bank will be more compliant with anti-money laundering requirements than ever before, with fewer false positive and better filtering capabilities,” says Gérard De Peri, Head of Payments at Migros Bank. “At the same time we will minimize the high operation costs typically associated with achieving compliance.”