Atchley Anti-Money Laundering Solutions Now Available in ASP Format

Wednesday 7 January 2004 22:10 CET | News

Atchley Systems is making its anti-money laundering (AML) solutions for the financial services market place more accessible to a broader number of organizations.

Atchley Systems software will now also be available in an Application Service Provider (ASP) format -- making these anti-money laundering tools more convenient by eliminating specific hardware requirements. The move is part of Bankers Systems commitment to offer financial organizations comprehensive, component-based compliance solutions. Bankers Systems announced it acquired Atchley Systems on October 21, 2003 in order to broaden its new line of Financial Intelligence Solutions that help financial organizations combat identity theft, money laundering, and terrorism. Atchleys five major software solutions help organizations comply with anti-money laundering requirements. Traditionally, most financial organizations met the compliance requirements of the Bank Secrecy Act and related anti-money laundering needs through a combination of separate -- often manual processes. Due to increased regulatory pressure, financial penalties, and the need to combat terrorism, a growing number of organizations are implementing automated methods to help manage compliance and operational demands. Nineteen of the 25 largest commercial banks in the United States use Atchley solutions today. As large banks have implemented such effective AML solutions, the issues of money laundering, fraud, and identity theft have begun to shift to small and midsize organizations where the perpetrators believe they can operate without detection. A recent Boston-based Celent Communications report estimates that 76 percent of mid-sized organizations, and 49 percent of small organizations, will adopt automated anti-money laundering solutions by 2006 in response to the expanded due diligence requirements of the USA PATRIOT Act. Making Atchley Systems AML solutions available in an ASP format significantly expands Bankers Systems Financial Intelligence Solutions. At the heart of the solutions is the companys PATRIOT Act Connection (PAC), an integrated and risk-based tool that helps financial organizations meet the identity verification and record retention requirements of Section 326 of the USA PATRIOT Act.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce