Silicon Valley analytic software firm FICO announced that GVNG, a technology platform for nonprofits, will use the FICO TONBELLER® Siron® suite of anti-money laundering (AML) and know your customer (KYC) solutions. Based in Los Angeles, GVNG will use the FICO “regtech” solutions to carry out risk-based checks on people setting up charities, making donations, receiving payments and volunteering services, and to provide immediate alerts when any suspicious transactions take place.
More information: http://www.fico.com/en/risk-compliance/anti-money-laundering
“When it comes to preventing money laundering and knowing our customers, we wanted to go beyond the letter of the law to truly ensure that we weed out organisations or individuals that could have criminal intent,” said Dominic Kalms, president and CEO of GVNG. “For example, we wanted to put safeguards in place to prevent sexual predators from registering as volunteers, and make sure money launderers or terrorist financers are not using our clients’ services or receiving funds. With our ambitious goal to sign up 2,000 programmes in the next year, we needed a scalable solution we could use in the cloud, without increasing our team’s workload. FICO offered the most powerful cloud-based solution, they have a stellar reputation in the marketplace and they could meet our requirement to have it running in just a few months.”
“Organisations like GVNG have limited internal resources to manage compliance, so a cloud implementation ensures that they will stay up to date and compliant,” said Torsten Mayer, vice president of risk and compliance solutions for FICO. “We’re very happy to support GVNG in its mission to help charities carry out their vital work as easily as possible.”
FICO offers the TONBELLER® Siron® AML, Siron® KYC and other modules on AWS, as part of its FICO®Analytic Cloud offerings. The FICO TONBELLER Siron suite was recently granted AWS Financial Services Competency status.