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Portugal lender selects Fiserv for AML solution

Financial technology provider Fiserv today said that Portugal lender Banco CTT has selected its anti-money laundering (AML) solution to manage risk and minimize customer disruption due to investigation of legitimate transactions.

Fiserv’s AML Risk Manager solution leverages inference techniques, visualization tools and behavioral profiling, to allow the lender to track risks and monitor for potentially suspect activities. It also provides advanced customer risk profiling, transaction monitoring, and KYC capabilities.

“As a new, high growth bank we were looking for a reliable and robust AML solution that will efficiently support the evolution of our services, the growth of our clients and fully comply with the demanding AML requirements,” said Miguel Oliveira, compliance officer, Banco CTT.

Founded by the Portuguese Postal Service (CTT – Correios de Portugal), Banco CTT has expanded rapidly since its inception in 2016. It has 212 branches and 390,000 customers.

“We chose Fiserv because they met these requirements and could provide our financial crime team with a single solution to monitor for suspicious activity across a wide range of transactions. This allows us to detect money laundering and mitigate risk more effectively,” said Oliveira.

Since AML Risk Manager is built on the Financial Crime Risk Management platform, adding additional solutions for payment fraud, check fraud or customer risk profiling is simplified. Fiserv said that the solution is used by over 1200 organisations globally.

“The right anti-money laundering technology can do more than equip financial institutions to meet regulatory requirements,” said 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.”

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