NetEconomy, a Netherlands-based provider of anti-money laundering (AML) technology, is reporting 12 new contracts for its Erase Financial Crime Suite.
Among the new customers are Bank of the Philippine Islands (BPI), Close Private Bank, Bank Muscat, Bank of Baroda, Royal Bank of Canada (RBC) Dexia Investor Services and AXA Banque France.
The Erase Financial Crime Suite is designed to detect a range of illegal activity, giving users a consolidated view of crime across the enterprise. The system manages account opening procedures and monitors financial transactions - such as cash and cheque deposits, wire transfers and inter-account transfers - and alerts users to any suspicious or illegal activity.
The product also provides list checking capabilities including Office of Foreign Assets Control (OFAC), Politically Exposed Persons (PEPs), Non-cooperative Countries and Territories (NCCT) and internal exception lists.
The vendor says the new customer wins - along with repeat business from existing clients - is driving expansion of the company in both the US and Europe. As a result NetEconomy is opening new regional offices in Paris and New York which will house expert enterprise risk management sales and support staff.