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Article: The Laundry Math; Affinity Cuts Time, Costs To Comply With ALM.(General News)
- Article from:
- Credit Union Journal
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joyce Moed
BASKING RIDGE, N.J.-Replacing its manual process, the $1.8-billion Affinity FCU has successfully automated its anti-money laundering procedures, reducing the time it takes to remain compliant with related regulations while not increasing its headcount.
The credit union chose the Fiserv AML Manager, going live with the solution in December 2008 by integrating with its XP2 core system, also from Fiserv.
"It's a transaction monitoring program that looks for what we consider to be suspicious behavior," said Janae Sasman, director of compliance product management for Fiserv's risk management division. "They can choose to open a ...