Fiserv Updates Financial Crime Risk Management Platform
Fiserv said 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.
The technology provider added that 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 various financial crime risks.
The latest version of FCRM 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 US operations and insurance products covered by
anti-money laundering (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, FCRM, Fiserv.
“But examiner expectations for existing regulations like AML are growing, and new regulations like the Foreign Account Tax Compliance Act [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 also introduces a new product called FATCA Manager, a monitoring and control solution that financial institutions can use to efficiently meet key requirements of FATCA (which will be the topic of the
weekly focus on 15 October).