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Espirito Santo Bank stays safe with NetEconomy
1 October 2007
Espirito Santo Bank has selected NetEconomy's anti-money laundering solution, Erase Compliance Manager to help it comply with regulatory requirements and to detect, analyse and report potential money laundering and terrorist financing activity.
Owned by Banco Espírito Santo, the second largest bank in Portugal, Espirito Santo Bank is a non-member, state-chartered bank located in Miami, Florida with mainly foreign nationals as customers, due to its close proximity to Latin America and the Caribbean. With the Erase Compliance Manager, Espirito Santo Bank is now able to monitor transactions to automatically detect suspicious activity, and leverage investigation tools and a built-in case management system that tracks, prioritises and manages cases, as well automating reporting for SARs and CTRs.
Martin Prego, senior vice president and head of compliance of Espirito Santo Bank said: "With NetEconomy's solution we can help our bank expand into lines of business considered 'high risk,' such as foreign correspondent banking and money service businesses, that without NetEconomy, we would be too at-risk to provide. We are extremely pleased with the choice of NetEconomy and look forward to the added value across multiple fronts that the solution will provide to our financial institution."