By Chris Preimesberger  |  Posted 2007-08-07 Print this article Print

American Express Bank International already has begun to improve its compliance program, Aftran told eWEEK. "We have made a commitment to continuing [to improve] this work," Aftran said. According to Aftran, the bank is now:
  • contracting with compliance experts to conduct a comprehensive review of existing programs;
  • improving compliance policies, procedures, and coordination among business units;
  • improving management oversight and internal controls;
  • enhancing the staffing of the compliance department; and
  • better managing the reporting of suspicious activities.
In addition, Aftran released this statement from the bank: "We have cooperated fully with the government and understand the need for absolute vigilance in our efforts to protect against money laundering. We have already made substantial efforts to augment and strengthen our compliance programs and will continue to do so. We are firmly committed to the agreements we have reached and to conducting our business with the highest standards of integrity, compliance and control." To read about how Citibank thwarted fraud caused by a security breach, click here. The bank will likely be looking at new anti-laundering software, Aftran said. Companies in this field include Accuity, ChoicePoint/Bridger Insight, Experian/Americas Software, Mantas (now owned by Oracle), Metavante/Prime Associates, NetEconomy, Northland Solutions, SAS Institute, and Wolters Kluwer Financial Services/PCi. The AML software market is burgeoning as more and more people use online banking services, according to Neil Katkov an analyst based in Tokyo. Spending on AML software globally will increase from $335.4 million to $375 million by 2009, a compound annual growth rate of 5.9 percent, according to a 2007 Katkov report. Such software looks for inconsistencies in banking patterns and issues detailed reports in real time. For example, Oracle Mantas products include the money-laundering tool Behavior Detection Platform, which can also be used in helping to identify terrorists, who are well known for using money laundering techniques around the world. Most AML software offers visualization tools, such as network diagrams to depict account relationships; peer profiling, network analysis, risk scoring and other analytic approaches currently being emphasized by regulators. The software also offers enhanced case management functionality with rich workflow and investigation features along with "compliance dashboards," to integrate output from multiple regional and line of business systems, including the integration of AML with anti-fraud and other compliance systems. Check out eWEEK.coms Security Center for the latest security news, reviews and analysis. And for insights on security coverage around the Web, take a look at eWEEKs Security Watch blog.

Chris Preimesberger Chris Preimesberger was named Editor-in-Chief of Features & Analysis at eWEEK in November 2011. Previously he served eWEEK as Senior Writer, covering a range of IT sectors that include data center systems, cloud computing, storage, virtualization, green IT, e-discovery and IT governance. His blog, Storage Station, is considered a go-to information source. Chris won a national Folio Award for magazine writing in November 2011 for a cover story on and CEO-founder Marc Benioff, and he has served as a judge for the SIIA Codie Awards since 2005. In previous IT journalism, Chris was a founding editor of both IT Manager's Journal and and was managing editor of Software Development magazine. His diverse resume also includes: sportswriter for the Los Angeles Daily News, covering NCAA and NBA basketball, television critic for the Palo Alto Times Tribune, and Sports Information Director at Stanford University. He has served as a correspondent for The Associated Press, covering Stanford and NCAA tournament basketball, since 1983. He has covered a number of major events, including the 1984 Democratic National Convention, a Presidential press conference at the White House in 1993, the Emmy Awards (three times), two Rose Bowls, the Fiesta Bowl, several NCAA men's and women's basketball tournaments, a Formula One Grand Prix auto race, a heavyweight boxing championship bout (Ali vs. Spinks, 1978), and the 1985 Super Bowl. A 1975 graduate of Pepperdine University in Malibu, Calif., Chris has won more than a dozen regional and national awards for his work. He and his wife, Rebecca, have four children and reside in Redwood City, Calif.Follow on Twitter: editingwhiz

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