BASKING RIDGE, N.J.-Affinity FCU here is aggregating a hoard of warning signs to detect money laundering in high-risk member accounts-but accurately assigning account risk took awhile.

Fiserv's Anti-Money Laundering (AML) Monitoring software helps the CU monitor member behavior, business rules and watch lists, items that help satisfy the Bank Secrecy Act (BSA). Though Affinity installed the software two years ago (see Credit Union Journal, November 9, 2009), the majority of the benefit has come only in the past three months, said Jim Wilcox, AVP-risk administration at Affinity.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.