# Fast-Growing Banco CTT Combats Money Laundering with Scalable Solution from Fiserv  Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-02-05 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Portuguese Bank Banco CTT Enhances AML Efficiencies with Meta Description: Portuguese bank partners with Fiserv to enhance AML capabilities, meet regulatory requirements, and support ongoing growth and customer experience. URL: https://financedigest.com/fast-growing-banco-ctt-combats-money-laundering-scalable-solution-fiservhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fast-growing-banco-ctt-combats-money-laundering-with-scalable-solution-from-fiserv-1736839172088-compressed.jpg) _Portuguese bank selects anti-money laundering platform to enhance efficiency and meet regulatory requirements_ [Fiserv, Inc.](http://www.fiserv.com/) (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that [Banco CTT](https://www.bancoctt.pt/home/index.html), one of Portugal’s newest and fastest-growing banks, has selected Fiserv to enable efficient and effective anti-money laundering (AML) capabilities. The scalability and functionality of Fiserv technology will support the bank’s ongoing growth and facilitate a better experience for customers, while managing money laundering risk. Established in 2016 by the Portuguese Postal Service (CTT – Correios de Portugal), Banco CTT has expanded rapidly, and currently has 212 branches and 390,000 customers. “As a new, high [growth bank](https://www.financedigest.com/metro-bank-posts-flat-third-quarter-loan-growth.html "Metro Bank posts flat third-quarter loan growth") we were looking for a reliable and robust AML solution that will efficiently support the evolution of our services, the growth of our clients and fully comply with the demanding AML requirements,” said Miguel Oliveira, compliance officer, Banco CTT. “We chose Fiserv because they met these requirements and could provide our financial crime team with a single solution to monitor for suspicious activity across a [wide range](https://www.financedigest.com/exclusive-wide-ranging-solarwinds-probe-sparks-fear-in-corporate-america.html "Exclusive: Wide-ranging SolarWinds probe sparks fear in Corporate America") of transactions. This allows us to detect money laundering and [mitigate risk](https://www.financedigest.com/ai-holds-the-key-for-both-competitive-advantage-and-risk-mitigation-in-2022.html "AI holds the key for both competitive advantage and risk mitigation in 2022") more effectively.” More effective and accurate AML monitoring also allows the [bank to minimize customer](https://www.financedigest.com/uk-banks-told-to-reimburse-customers-tricked-by-scams.html "UK banks told to reimburse customers tricked by scams") disruption due to investigation of legitimate transactions, enabling a more seamless experience. The AML [Risk Manager](https://www.financedigest.com/extended-reality-applications-in-risk-management.html "Extended Reality Applications in Risk Management") solution from Fiserv selected by the bank leverages powerful inference techniques, visualization tools and behavioral profiling, which allows Banco CTT to track risks and monitor for potentially suspect activities. It also provides [advanced customer](https://www.financedigest.com/the-advanced-wound-management-technologies-market-to-grow-based-on-customized-digitization.html "The Advanced Wound Management Technologies Market to grow based on customized digitization") risk profiling, transaction monitoring, and know your customer capabilities. “The right [anti-money laundering](https://www.financedigest.com/anti-money-laundering-time-to-take-a-new-approach.html "ANTI-MONEY LAUNDERING: TIME TO TAKE A NEW APPROACH?") technology can do more than equip financial institutions to meet regulatory requirements,” said Andrew Davies vice president, global market strategy, Financial Crime Risk Management, Fiserv. “For new or growing banks like Banco CTT, the right [technology provides](https://www.financedigest.com/is-your-technology-provider-holding-you-back.html "Is your technology provider holding you back?") an opportunity to establish operational efficiencies and positions them to serve an expanding customer base. The commitment of Banco CTT to its customers is evident in their selection of an anti-money laundering solution that will facilitate effective risk mitigation.” AML [Risk Manager is the solution of choice for over 1,200 organizations around the globe, built on the award-winning Financial Crime Risk Management](https://www.financedigest.com/online-banking-benefits-and-risks-of-managing-your-finances-online.html "Online banking: benefits and risks of managing your finances online") Platform from Fiserv. Because AML Risk Manager is built on this shared platform, adding additional solutions for payment fraud, check [fraud or customer risk profiling is simplified](https://www.financedigest.com/alloy-partners-with-fiat-republic-to-democratize-fraud-free-crypto-trading-and-simplify-fiat-access.html "Alloy Partners with Fiat Republic to Democratize Fraud-Free Crypto Trading and Simplify Fiat Access"). In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the [way people live and work today](https://www.financedigest.com/4-ways-todays-investor-can-future-proof-their-assets.html "4 Ways Today’s Investor Can Future Proof their Assets") – financial services at the speed of life. Learn more at [fiserv.com](http://www.fiserv.com/). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---