Global financial services technology provider Fiserv (FISV) has launched the latest version of Financial Crime Risk Management (FCRM) platform, equipped with new capabilities to further strengthen its technology portfolio for the global insurance industry.
Several major insurance companies implemented the FCRM platform soon after its launch, in order to effectively and efficiently detect, investigate and thwart various types of financial risks.
The new platform also supports automated generation, population and validation of Suspicious Activity Reports (SAR) as per the new e-filing specifications now mandated by the Financial Crimes Enforcement Network (FinCEN).
The company said that this feature is particularly relevant for companies with US operations and insurance products covered by AML regulations.
Fiserv financial crime risk management vice president and general manager Tom Tobin said that the FCRM platform addresses various risks, such as agent fraud, market misconduct and healthcare claims frauds.
The latest FCRM platform from Fiserv also launches a new product FATCA Manager, a monitoring and control tool that financial institutions can use to efficiently meet key requirements of the Foreign Account Tax Compliance Act (FATCA).