Wolters Kluwer Financial Services is upgrading its identity theft prevention and AML compliance with a software package from Safe Banking Systems that screens applicants and accountholders against databases of flagged individuals. Wolters Kluwer says it is integrating the Safe Advanced Solution suite into its Web-based Wiz Sentri: RiskID toolset, which will create a Patriot Act-required Customer Identification Program (CIP).
The Safe software can denote matches to watchlists of government sanctioned or politically exposed persons (PEPs) and other anti-crime databases. It includes an index from a risk-based methodology to identify high-risk individuals, plus rank the level of risk they pose.
“By working with Safe Banking Systems, we’re helping our customers take a much more effective and efficient risk-based approach to identity verification and related list-checking,” said Todd Cooper, vp and gm of Wolters Kluwer Financial Services’ Financial Intelligence Unit.