Magazine article American Banker

BNZ Girds for Money Laundering Rules with New Software

Magazine article American Banker

BNZ Girds for Money Laundering Rules with New Software

Article excerpt

Byline: John Adams

Countries all over the world are tightening money laundering rules, particularly as payments become more digital and sophisticated. To follow the rules in its own country and help it adjust to regulatory changes in other jurisdictions, Bank of New Zealand (NZDUSD) has embarked on a new project that will centralize and expand detection of money laundering and terrorism funding.

The security project will make use of an internally managed suite of Oracle (ORCL) services to spot and flag suspicious transactions, as well as adhere to the countryas AML/CFT (anti-money laundering and counter terrorism funding) law thatas scheduled to go into effect in June 2013.

aThis automation allows us to collect and analyze our data in new ways, meaning our financial crime intelligence will be even more comprehensive and sophisticated -- ready to deter and detect potential crime as early as possible,a says Shelley Ruha, director of payments and operations for BNZ, who adds the decision to centrally manage the technology as opposed to outsourcing enhances the bankas control over its crime prevention efforts.

Like most banks, BNZ has become more active in mobile over the past year, which makes managing risk and security more complex. Its native iPhone app, which launched in 2011, is the most downloaded financial app in the country.

Thatas increased the speed of transactions and the amount of automated payments data. To meld that new reality of faster processing and channel diversity to crime prevention, the bank is using the Oracle system to centralize AML activities while accessing more information. …

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