Global trade finance specialist implements robust, scalable AML and payment fraud technology
FIMBank, a private Malta-based bank, has enhanced its financial crime risk management capabilities with a platform from Fiserv, a leading global provider of financial services technology solutions. Robust functionality will assist the bank in managing risk and meeting regulatory requirements while providing scalability to accommodate growth and flexibility to adapt to a rapidly changing fraud environment.
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“As a bank with a global presence, we take our financial crime and risk management responsibilities seriously, and have invested in technology that enables us to monitor transactions at scale and in a timely manner, commensurate with the size and nature of our business,” said Michael Davis, Group Chief Compliance Officer, FIMBank plc. “Utilising proven solutions from Fiserv provides insight into money movement activity and helps us gauge and effectively manage money laundering risks.”
The FIMBank Group was seeking to deploy a leading FCRM solution that incorporates a full range of integrated anti-money laundering (AML) and internal fraud support. In addition to advanced technology capabilities, FIMBank sought a global provider with a strong commitment and presence in the region. To meet those requirements, the bank has implemented AML Risk Manager and Watch List Manager, built on the award-winning Financial Crime Risk Management Platform from Fiserv, to more effectively detect, investigate and resolve financial crime.
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AML Risk Manager provides advanced know-your-customer (KYC) capabilities, customer risk profiling, risk scoring and transaction monitoring, while Watch List Manager is a SWIFT screening module that enables screening of transactions in real time.
These solutions utilise sophisticated techniques such as behavioral analytics to detect suspicious transactions, leading to more accurate financial crime risk management and fewer false positives. This helps to eliminate the inconvenience and delay caused when legitimate transactions are flagged for investigation, benefitting both customers and staff by facilitating a better experience and more efficient operations.
“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 financial crime risk management platform, FIMBank can gain a holistic view of customer risk and data to more accurately pinpoint and stop criminal activity.”
