SunGard Launches New Ambit Anti-Money Laundering Solution
SunGard has extended its Ambit global banking solution suite to include new anti-money laundering (AML) functionality. Building on Ambit’s core banking offering, the new solution – Ambit Anti-Money Laundering – will provide a detection and compliance platform that offers watch-list checking, Know Your Customer (KYC), unusual behavior detection and case management. Banks today require standard AML programmes that check customer and wire names against sanctions and ‘risk’ watch lists, alerting compliance officers to unusual transactions. As a result of the large number of names, accounts and transactions, and variations in the nature of unusual transactions, cost-effective automated tools are increasingly required by institutions for compliance. Ambit Anti-Money Laundering, which is part of Ambit’s risk management and compliance suite, will provide banks with watch-list checking, comprehensive monitoring of transactions and accounts to generate scored alerts, and case management facilities to help detect, pro-actively investigate and report on suspected money laundering activities. Providing implementation flexibility, the solution can be delivered as an installed application or in a hosted environment – a method that will help lower the total cost of ownership for small institutions.