Citizens Financial Group has adopted NetEconomy’s ERASE Financial Crime Suite to detect potential criminal activity and terrorist financing and comply the Bank Secrecy Act and anti-money laundering laws, the vendor announced this week.
The first phase of the ERASE implementation at Citizens has been completed, NetEconomy said, and the system is handling millions of transactions monthly.
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“The system is currently delivering exceptional performance, capability and results, and will allow for significant growth in transaction volume as we expand over time,” said James Mignone, senior vice president and director of risk management, said in a news release.
With offices in The Hague, Boston and London, NetEconomy specializes in “risk monitoring” programs to prevent and detect financial crime for financial institutions and telecom businesses worldwide.
The ERASE Financial Crime Suite is a fully integrated, fast-to-implement software program for banks, insurance and securities firms. Monitoring financial transactions such as cash and check deposits, wire transfers, and insider trades, the ERASE Financial Crime Suite alerts its users to the appearance of illegal activity. Once alerts have been generated, a step-by-step workflow with built-in case management drives users through investigation, case tracking and reporting within one fully-integrated environment.
Citizens is now the eighth-largest commercial banking company in the United States ranked by deposits. It is owned by The Royal Bank of Scotland Group.
