BankServ will integrate the Ace anti-money laundering (AML) toolkit with its TurboSwift solution, to deliver superior messaging functionality combined with advanced AML and OFAC capabilities.
The new strategic initiative will see the two companies come together to offer the global finance industry more effective tools to comply with the latest AML and terrorist financing legislation.
The AML toolkit provides an automated solution to facilitate AML compliance requirements using intelligent natural language processing to quickly and accurately scan financial messages irrespective of formats. It identifies blacklisted entities in payment transactions and highlights them before they can be processed, thus helping institutions maintain compliance, avoid regulatory penalties, reduce processing time and minimize reputational risk.
