FIMBank Malta taps Fiserv to improve financial crime risk management
Malta-based bank FIMBank has signed a financial crime risk management (FCRM) deal with technology vendor Fiserv.
The bank has implemented Fiserv’s anti-money laundering (AML) Risk Manager and Watch List Manager, built on the Financial Crime Risk Management platform.
The bank, part of the FIMBank Group, wanted a solution with integrated AML and internal fraud support.
“As a bank with a global presence, we take our financial crime and risk management responsibilities seriously,” says Michael Davis, group chief compliance officer at FIMBank.
He adds that the bank has invested in technology to monitor transactions “at scale and in a timely manner.”
Davis says the selection of Fiserv “provides insight into money movement activity”. He adds it will help the bank “gauge and effectively manage money laundering risks.”
Fiserv says its AML Risk Manager provides “advanced” know-your-customer (KYC) capabilities, customer risk profiling, risk scoring and transaction monitoring.
The Watch List Manager is a Swift screening module which covers transactions in real-time.
“As criminals develop new schemes, effective and adaptable risk management solutions are more critical than ever,” said John Gibbons, executive vice president and head of EMEA, Fiserv.
“By leveraging a proven and effective FCRM platform, FIMBank can gain a holistic view of customer risk and data to more accurately pinpoint and stop criminal activity.”