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New insurance clients signing up for AML monitoring, sanctions
screening and more
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U.S. firms benefit from integrated support for new SAR e-filing
specifications
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Existing insurance clients expanding platform usage to fraud
prevention and FATCA compliance
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, today announced that the latest release of its
Financial Crime Risk Management (FCRM) platform provides new
capabilities to further strengthen its solution portfolio for the global
insurance industry. In addition, Fiserv announced several major
insurance firms have implemented its FCRM platform, further validating
the FCRM vision of leveraging a holistic platform to effectively and
efficiently detect, investigate and mitigate a variety of financial
crime risks.
The new version of FCRM from Fiserv now supports automated generation,
population and validation of Suspicious Activity Reports (SAR) per the
new e-filing specifications now mandated by the Financial Crimes
Enforcement Network (FinCEN), all from its integrated end-to-end
monitoring and investigation environment. This is particularly relevant
for firms with U.S. operations and insurance products covered by AML
regulations.
"Our insurance clients have been successful in the use of the FCRM
platform, with several implementations quickly moving beyond the initial
AML and sanctions deployment to address risks like agent fraud, market
misconduct and healthcare claims fraud, with minimal additional
investment," said Tom Tobin, vice president and general manager,
Financial Crime Risk Management, Fiserv. "But examiner expectations for
existing regulations like AML are growing, and new regulations like
FATCA also call for client-centric monitoring capabilities. It is good
to see more insurance firms recognizing our proven technology, expertise
and results for monitoring across complex life, annuity, group benefits
and other wealth management products."
The latest release of the FCRM platform from Fiserv also introduces a
new product called FATCA Manager, a monitoring and control solution that
financial institutions can use to efficiently meet key requirements of
the Foreign Account Tax Compliance Act (FATCA).
The latest release of FCRM is available now, and also offers a number of
smaller enhancements around usability, deployment and security. In
addition to insurance companies, the platform is also used around the
world by hundreds of financial institutions.
Financial Crime Risk Management is part of the Risk and Compliance core
competency from Fiserv, through which the company offers a unique
breadth of solutions to help clients optimize usage and return on
capital by making risk transparent and actionable within their
organizations. Solution sets in the Risk and Compliance core competency
include Financial Crime Risk Management, Financial Risk Management,
Financial Performance Management and Financial Control Solutions.
Additional resources:
About Fiserv
Fiserv, Inc. (NASDAQ: FISV)
is a leading global technology provider serving the financial services
industry, driving innovation in payments, processing services, risk and
compliance, customer and channel management, and business insights and
optimization. For more information, visit www.fiserv.com.
FISV-G
Media Relations:
Julie Nixon
Senior Public Relations
Manager
Fiserv, Inc.
678-375-3744
julie.nixon@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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