Dutch payment service provider Buckaroo has implemented anti-money laundering (AML) technology from US firm Fiserv, Inc., to protect its operations and help in detection, investigation and resolution of financial crimes and to ensure regulatory compliance.
Buckaroo has licensed the latest version of the solution including watch-list filtering and risk-based due diligence capabilities. AML Risk Manager will provide the organization end-to-end transaction lifecycle management capabilities ranging from profiling and monitoring through to case management and reporting.
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Wisconsin-based Fiserv said AML Manager provides Buckaroo with automated transaction monitoring and intelligent detection tools to help with the investigation and reporting of suspicious money-laundering activity.
Billing and payment provider Buckaroo supports companies and webshops with secure online payments. It offers comprehensive payment solutions that help online merchants to accept credit card and alternative payments over the internet.
Marijke Terpstra, chief risk officer at Buckaroo commented: “We are taking a customer centric approach to AML risk management that will scale with our future growth and provide enhanced protection for our loyal customers. Fiserv helps us to meet regulatory guidelines, whilst also providing customers with a first class experience that suits their everyday payment needs. With AML Risk Manager, we will be prepared to meet required compliance regulations and effectively monitor for money laundering activities.”
Gasan Awad, head of Financial & Risk Management Solutions at Fiserv added: “As criminals become more sophisticated and anti-money laundering regulations become more complex, AML professionals have increasingly difficult jobs. Fiserv helps make their jobs easier by transforming AML compliance processes with an innovative solution combining behavioral monitoring and analytics to speed detection of criminal activity without disturbing everyday operations and customers.”