Metavante Signs New York Community Bank for Risk and Compliance Solutions
30 May 2006 - 10:00PM
Business Wire
Metavante Corporation, the financial technology subsidiary of
Marshall & Ilsley Corporation (NYSE:MI), today announced that
New York Community Bank, the primary subsidiary of New York
Community Bancorp, Inc., has selected Metavante Risk and Compliance
Solutions to automate its regulatory methodologies. Metavante will
provide New York Community Bank with several components of
compliance software from its Prime Associates unit that include:
BSA Reporter, EDD Reporter, OFAC Reporter, Legal Reporter and the
Prime Compliance Databank. New York Community Bank will use these
tools in its ongoing efforts to comply with U.S. and international
regulatory compliance requirements. Metavante Risk and Compliance
Solutions provide an integrated suite of Bank Secrecy Act, USA
PATRIOT Act, and OFAC compliance software products that enable
financial services institutions to filter and review their
customers' transactions for sanctioned party violations. It
facilitates suspicious activity detection and automatically files
the necessary regulatory reports with the appropriate regulatory
agencies (such as FinCEN). In addition, it helps financial
institutions comply with the USA PATRIOT Act through customer
identity verification and record keeping, a review module that
compares customer records with known or suspected terrorist lists,
and risk-based modeling of customers. BSA Reporter provides Bank
Secrecy Act compliant anti-money laundering (AML) functions and EDD
Reporter delivers Enhanced Due Diligence (EDD) for "Know Your
Customer" and customer identification program compliance functions.
OFAC Reporter offers heightened awareness of politically exposed
persons and financial fraudsters on a global basis and helps meet
mandates set by global sanctioning bodies, such as the U.S.
Treasury Office of Foreign Assets Control. Legal Reporter equips
financial institutions with automated subpoena and FinCEN 314a
management, including research and reporting capabilities. The
Prime Compliance Databank provides critical regulatory, legal, and
reputational due diligence data for the compliance software suite.
It creates global sanctioned party data as well as non-sanctioned
party data from multiple countries around the world. Prime's data
lists are designed to greatly enhance sanctions filtering efforts
and integrate seamlessly with Prime's applications. They can be
used with other products as well. "New York Community Bank's
proactive approach to regulatory best practice is synergistic with
the market-leading solutions offered by Prime. The relationship
will offer a best-in-class solution to a difficult challenge," said
Salvatore Cangialosi, president, Prime Associates, Inc. Metavante's
Risk and Compliance Management solutions allow clients to identify
seen and unforeseen risks and develop successful, sustainable,
compliance programs tailored to their needs. Through a proven
methodology, which includes enabling technology and industry
expertise, Metavante enables clients to reduce their risk
management burden and grow their business. About New York Community
Bancorp, Inc. The leading producer of multi-family loans portfolio
in New York City, New York Community Bancorp, Inc. is the holding
company for New York Community Bank and New York Commercial Bank. A
New York State-chartered savings bank with 137 offices serving
customers in New York City, Long Island, Westchester County, and
northern New Jersey, New York Community Bank is the third largest
thrift depository in the State of New York, and operates through
seven local divisions: Queens County Savings Bank, Roslyn Savings
Bank, Richmond County Savings Bank, Roosevelt Savings Bank, CFS
Bank, First Savings Bank of New Jersey, and Ironbound Bank. New
York Commercial Bank is a New York State-chartered commercial bank
with 29 offices serving businesses and consumers in Manhattan,
Queens, Brooklyn, Long Island, and Westchester County, and is the
17th largest commercial bank in the State of New York. Additional
information about New York Community Bancorp, Inc. and its bank
subsidiaries is available at www.myNYCB.com. About Metavante
Metavante Corporation delivers banking and payments technologies to
financial services firms and businesses worldwide. Metavante
products and services drive account processing for deposit, loan
and trust systems, image-based and conventional check processing,
electronic funds transfer, consumer health care payments, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall &
Ilsley Corporation (NYSE:MI). Metavante is a registered trademark
of Metavante Corporation.
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