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Union Bank Deploys Wolters Kluwer Financial Crime Control Solution

Union bank, a California-based subsidiary of UnionBanCal, has selected Wolters Kluwer Financial Services Wiz Sentri financial crime control solution to actively monitor and manage operational risk.

Wiz Sentri is a financial crime control solution that gives financial institutions the ability to mitigate operational and compliance risks tied to financial crime in each of their major business lines using a single technology platform.

The financial crime control solution platform employs network surveillance technology infused with Wolters Kluwer Financial Services’ regulatory and risk management expertise. Wiz Sentri enables institutions to create and continually update profiles of normal customer, employee, account, loan and transactional activity. When the system detects suspicious or anomalous behavior, it notifies the institution helping it to prevent a possible financial crime from occurring.

Bill Ward, senior vice president of the enterprise business security and intelligence division at Union bank, said: “We selected Wolters Kluwer Financial Services for their compliance and operational risk management expertise and Wiz Sentri’s real-time, continuous behavioral monitoring, analysis and investigation capabilities when combined the two enable us to deliver on a preventative strategy with respect to fraudulent attacks.”

Tom Leuchtner, director of financial crime solutions at Wolters Kluwer Financial Services, said: “Through our relationship, Union bank can now identify potential fraudulent activity in real-time. This will allow them to realize a solid return on investment by helping prevent financial losses from fraud, as well as improving the trust and confidence of their customers and stakeholders.”