Fortent releases AML 6.3 anti-money laundering software

Fortent announces the release of the latest version of its anti-money laundering (AML) technology which enables financial institutions to significantly advance the automation of their regulatory reporting process – including Suspicious Activity Report (SAR) filings.

It also allows greater collaboration among the many parts of an organization involved in the financial crime-fighting and investigation process. AML 6.3 is endorsed by the American Bankers Association (ABA), the industry’s leading trade association.

With the increased number of SAR filings in the wake of the crisis, and the threat of heavy regulatory penalties, financial
institutions are struggling with how to manage their reporting requirements as well as credit and market losses.

Organizations are carefully weighing their investments in risk and compliance technology, demanding higher operational efficiencies to satisfy cost controls and higher effectiveness levels to fulfill regulatory requirements.