The Fortent Anti-Money Laundering solution - endorsed by the American Bankers Association

Built on best practice and designed for rapid deployment, the Fortent anti-money laundering software has established itself as one of the most effective and efficient solutions for tackling financial crime available on the market today. A fact recognized by the American Bankers Association who have endorsed the Fortent AML software solution following an extensive due diligence process.

The Corporation for American Banking (CAB), a subsidiary of the American Bankers Association (ABA), targets programs for endorsement that help banks diversify their income stream, reduce expenses, operate more efficiently, and compete more effectively.

In response to ABA member needs and increasing regulatory requirements, CAB performed an in-depth due diligence process to identify the industry's leading providers in Anti-Money Laundering Software Solutions. RFPs were sent to 20 AML software providers, fifteen submitted responses and, following an extensive due diligence process, Fortent was selected. The whole process took over nine months of extensive and in-depth research, consultation, and intelligence gathering.

CAB considered many factors during its AML due diligence process, including financial soundness, marketing capabilities, and customer service standards, as well as a thorough product review and analysis. In addition, CAB retained the services of Sheshunoff Management Services (SMS) to provide an independent review and assessment of the responses submitted by anti-money laundering software providers based on CAB's Request for Proposal.

The due diligence review included vendor meetings, anti-money laundering software product demonstrations, reference checks, and site visits with vendors and bank users. Bank site visits consisted of host bank interviews and analysis of the AML software utilization, performance, and operational impact. CAB also conducted focus groups, held one-on-one conversations with bankers, and received feedback from CAB's Advisory Council and ABA's Compliance Committee regarding the various AML software products under review. Participating companies and their product or service must meet CAB's criteria for endorsement, which consist of:

• Overall Company Strength
• Solution Functionality
• Technology
• Software Implementation
• Quality Customer Service, Support, and Training
• Regulatory Compliance

Based on the analysis by SMS, CAB's review, banker feedback, and recommendations from the CAB Advisory Council, the AML Sentinel, Fortent's AML software solution, was awarded ABA's endorsement.

To find out more about Fortent Anti-Money Laundering (AML) software solutions and how we can help your Bank meet your compliance and regulatory obligations, contact us.  

At Fortent, we work hard to make sure that every customer receives the best service possible. Before release, we examine every part of our AML software to ensure that it offers the protection and support needed.