Pennsylvania-based Team Capital Bank has selected Wolters Kluwer Financial Services Wiz Sentri financial crime control solutions as part of its anti-money laundering (AML) and identity theft prevention programs and to comply with the Bank Secrecy Act, the USA Patriot Act and the Fair and Accurate Credit Transactions Act’s Red Flags Rule.
According to the Wolters Kluwer Financial, its web-based Wiz Sentri: RiskID solution is being used by the Team Capital to verify customer identities, screen high-risk customers and evaluate potential risks.
Team Capital Bank is also using the Wiz Sentri AML suite to monitor, analyze, investigate and prevent suspicious activity that could lead to money laundering.
The Wolters Kluwer Financial has said that Wiz Sentri solutions enables institutions to create and update profiles of normal transactional and customer activity and continuously monitor data traffic. The system also generates and scores an alert, if any unusual event occurs and escalates to analyst for investigation and appropriate reporting.
Richard Boyer, executive vice president and general counsel at Team Capital Bank, said: “Wolters Kluwer Financial Services’ Wiz Sentri solutions allow us to increase the efficiency of our compliance program, enabling us to allocate more resources to customer service. These solutions are infused with the company’s regulatory intelligence, which is built upon decades of industry experience.”
Mr Boyer has added that the solutions will easily integrate with the Open Solutions DNA platform, which the bank anticipates will be in place by mid-February of 2011.