Omaha-based First National of Nebraska, a financial holding company with $17 billion in managed assets, has expanded its implementation of anti-money laundering software from Actimize. The bank has improved its customer monitoring and enhanced due diligence processes with help from Actimize's customer due diligence and enterprise risk case management solution.
The Bank Secrecy Act, the Third EU Money Laundering Directive and other global AML regulations require that financial institutions implement robust customer due diligence programs. Section 312 of the Patriot Act requires U.S. financial institutions to perform due diligence, and in some cases enhanced due diligence with regard to correspondent accounts established or maintained for foreign financial institutions and private banking accounts established or maintained for non-U.S. persons.
The Actimize Customer Due Diligence solution provides risk management from initial collection of customer data to risk monitoring and case management. Actimize's enterprise risk case management solution consolidates information from Actimize and existing detection systems into a single, user-friendly application for alert management, case development, investigations, regulatory reporting (i.e. SAR), oversight and more.
"We were looking for an EDD solution that fit into an existing AML framework comprised of multiple third-party solutions," said Amy Wheeler, BSA Officer of First National of Nebraska, in a statement. "Actimize's workflow and automation tools help us efficiently comply with current AML rules."