Netherlands-based NetEconomy has signed Banque AGF France, a retail banking subsidiary of Allianz Group, to its anti-money laundering package, Compliance Manager.
NetEconomy says that its Compliance Manager system will monitor and profile all the bank's customers and transactions to detect suspicious activity. The package includes analysis tools and an integrated case management system for storing suspicious activity evidence and generating regulatory reports.
Martine Protat, compliance manager at Banque AGF, says the bank was looking for a system to "meet our immediate AML needs today, but also provide the flexibility and capability to extend to other product lines and financial crime areas in the future".
Peter Kwakernaak, CCO, NetEconomy, says the bank will benefit from reduced total cost of ownership.
"Our modular holistic solution can span new geographies, product lines and crime areas for streamlined delivery, reduced compliance costs and enterprise-wide financial crime risk reduction, not only for banking, but also for insurance operations," adds Kwakernaak.
NetEconomy was bought by US financial IT firm Fiserv from Esprit Capital Partners earlier this year.