Portuguese Banco CTT gets AML tech from Fiserv
The bank aims to enhance the customer experience, while managing money laundering risk.
It was established in 2016 by the Portuguese Postal Service (CTT – Correios de Portugal), and has since expanded, with 212 branches and 390,000 customers.
AML monitoring also allows the bank to minimise customer disruption due to investigation of legitimate transactions, says the bank.
“The right anti-money laundering technology can do more than equip financial institutions to meet regulatory requirements,” says Andrew Davies, vice-president, global market strategy, financial crime risk management, Fiserv. “For new or growing banks like Banco CTT, the right technology provides an opportunity to establish operational efficiencies and positions them to serve an expanding customer base.”
The AML Risk Manager solution from Fiserv uses visualisation tools and behavioural profiling to track risks and monitor for potentially suspect activities. It also provides customer risk profiling, transaction monitoring, and know your customer (KYC) capabilities.
AML Risk Manager is built on a shared platform, adding additional solutions for payment and cheque fraud.
In other news, Fiserv recently paid a big sum to acquire tech firm First Data.