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Fidelity Information Services
Recommends Banker’s Toolbox in the Nation’s Fight Against
Money Laundering Activities
BAM™ and WirePro™ Products Help
Financial Institutions Automate the Detection and Reporting
of Suspicious Activities
Jacksonville, FL -- (May 3, 2005)
-- Fidelity National Financial, Inc. (NYSE:FNF), a Fortune
500 provider of products and outsourced services and
solutions to financial institutions and the real estate
industry, and its Fidelity Information Services (“Fidelity”)
division today announced a referral agreement with Banker’s
Toolbox, a Los Angeles, CA-based provider of anti-money
laundering detection and reporting solutions.
Financial institutions are facing
numerous challenges as they attempt to meet the requirements
of the anti-money laundering (AML) provisions of the Bank
Secrecy and USA PATRIOT Acts. Compliance is dependent upon
significant organizational support and adequate funding,
often in an environment of limited resources and budgets. In
addition, most institutions lack the necessary technology to
identify and respond to AML risk, often relying on the
time-consuming manual review of multiple reports from
various systems, which leaves tremendous room for human
error. In spite of these challenges, regulatory scrutiny by
bank examiners continues to rise.
To help its clients overcome these
challenges, Fidelity will refer financial institutions using
its core processing applications to Banker’s Toolbox, the
provider of a complete end-to-end system for researching,
analyzing, identifying, documenting and reporting suspicious
customer transactions. Its BSA and Anti-Money Laundering
Management (BAM™) system is an industry-leading solution
that aggregates and compiles data from Fidelity’s core
systems; analyzes and stores that data; identifies red
flags; and automatically generates and files Suspicious
Activity Reports (SARs).
“Compliance with the Bank Secrecy Act
and anti-money laundering laws is becoming impossible
without the right software,” said Bob Kim, chief
relationship officer. “We are committed to helping
institutions reduce their risk exposure by providing
efficiencies to the process of BSA compliance. The Banker’s
Toolbox approach is to accomplish this in a comprehensive
yet transparent manner to help our customers meet a high
level of regulatory scrutiny.”
Banker’s Toolbox’s suite of products
also includes WirePro™, a solution that automates the
processing of wires, performs OFAC checks, posts wires to
the institution’s host system and sends wire notifications
to bank customers.
“We chose Banker’s Toolbox as our
preferred provider not only because their solution is best
of breed, but also because it is cost effective,” said
Anthony Jabbour, executive vice president of products for
Fidelity’s Integrated Financial Solutions division.
“Community and regional institutions have just as much at
stake as the large national and international banks, but
they need an affordable tool to achieve compliance. Part of
our responsibility as a core processing provider is to help
our clients protect themselves from all kinds of risk, so we
feel it’s important to be in a position of recommending the
BAM and WirePro solutions as a prevention against money
laundering activities.”
About Fidelity National Financial
Fidelity National Financial, Inc.,
number 261 on the Fortune 500, is a provider of products and
outsourced services and solutions to financial institutions
and the real estate industry. FNF is the nation’s largest
title insurance company, with nearly 32 percent national
market share, and is also a provider of other specialty
insurance products, including flood insurance, homeowners
insurance and home warranty insurance. Through its
majority-owned subsidiary Fidelity National Information
Services, Inc. (“FIS”), the Company is a leading provider of
technology solutions, processing services and information
services to the financial services and real estate
industries. FIS’ software processes nearly 50 percent of all
U. S. residential mortgages, it has processing and
technology relationships with 45 of the top 50 U.S. banks
and more than 2,800 small and mid-sized U.S. financial
institutions and it has clients in more than 50 countries
who rely on its processing and outsourcing products and
services. FIS also provides customized business process
outsourcing related to aspects of the origination and
management of mortgage loans to national lenders and
servicers. FIS offers information services, including
property data and real estate-related services that are used
by lenders, mortgage investors and real estate professionals
to complete residential real estate transactions throughout
the U.S. More information about the FNF family of companies
can be found at
www.fnf.com and
www.fidelityinfoservices.com.
About Banker’s Toolbox
Banker’s Toolbox specializes in
practical and affordable enterprise solutions that enable
community and regional banks without large IT budgets
achieve operational efficiencies, improved customer service,
and enhanced internal controls through process automation.
Banker’s Toolbox is a leading provider of anti-money
laundering (AML) solutions that assist community and
regional banks to comply with the AML requirements of the
Bank Secrecy and USA PATRIOT Acts. For more information
regarding Banker’s Toolbox products and technologies, please
visit
www.bankerstoolbox.com.
This press release contains statements
related to future events and expectations and, as such,
constitutes forward-looking statements. These
forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements of the Company to be
different from those expressed or implied above. The Company
expressly disclaims any duty to update or revise
forward-looking statements. The risks and uncertainties
which forward-looking statements are subject to include, but
are not limited to, the effect of governmental regulations,
the economy, competition and other risks detailed from time
to time in the “Management’s Discussion and Analysis”
section of the Company’s Form 10-K and other reports and
filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial,
Inc.
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