Banking technology firm Metavante has reported that New York Community Bank has selected its ‘Risk and Compliance’ software to automate its regulatory methodologies.
New York Community Bank will use several components from Metavante’s ‘Prime Associates’ suite including ‘BSA Reporter’, ‘EDD Reporter’, ‘OFAC Reporter’, ‘Legal Reporter’ and the ‘Prime Compliance Databank’. The bank will use these tools to comply with US and international regulatory compliance requirements.
BSA Reporter provides Bank Secrecy Act compliant anti-money laundering (AML) functions and EDD Reporter delivers Enhanced Due Diligence (EDD) for ‘Know Your Customer’ and customer identification program compliance functions.
OFAC Reporter offers heightened awareness of politically exposed persons and financial fraudsters on a global basis. Legal Reporter equips financial institutions with automated subpoena and FinCEN 314a management, including research and reporting capabilities. The Prime Compliance Databank provides critical regulatory, legal, and reputational due diligence data for the compliance software suite.