First Interstate Bank of Billings, Mont. Using Wolters Kluwer Financial Services Wiz Sentri: AML Virtuoso
Minneapolis, MN (Oct. 28, 2008) - Wolters Kluwer Financial Services announced today that First Interstate Bank, a $6 billion banking organization headquartered in Billings, Mont., is using Wiz Sentri™: AML Virtuoso, the company’s first-of-its-kind anti-money laundering (AML) training simulator.
AML Virtuoso utilizes an unprecedented electronic gaming format to immerse AML investigators into a virtual world of money laundering schemes and forensic investigation. Unlike traditional instructor-led courses or question and answer tools, AML Virtuoso engages trainees, requiring them to investigate simulated money laundering cases they will likely encounter. By “playing and winning” the game, investigators learn how to meet regulatory requirements more quickly than through traditional methods, therefore driving training times and costs down.
“AML Virtuoso exposes us to real-world money laundering cases, which are designed to mimic what we’ll run into on the job. We’ve found this format helps our BSA staff learn much more effectively than any other training methods we’ve tried,” said Leslie Croaker, senior Bank Secrecy Act (BSA) analyst with First Interstate.
According to Croaker, First Interstate’s BSA department has made training with the AML Virtuoso solution part of its staff development program. The department requires each investigator to complete a pre-determined number of simulated cases using the solution each quarter. The department also uses AML Virtuoso as a collaborative learning tool, with investigators and managers reviewing simulated cases together after they are completed.
“That’s a really great aspect of using the solution,” Croaker said. “Then you open a dialogue, get everyone’s thoughts and points of view, and everyone learns from one another.”
Croaker said First Interstate’s BSA department plans to share simulated cases that were completed using AML Virtuoso with regulators as well to help demonstrate the bank is meeting training obligations and enhancing its staff’s ability to detect suspicious activity.
For more information on Wolters Kluwer Financial Services’ AML Virtuoso, please visit the solution’s Web site.
About First Interstate Bank
First Interstate Bank operates 55 First Interstate offices across Montana and Wyoming: 35 Montana offices in Belgrade, Bigfork, Billings, Bozeman, Colstrip, Eureka, Evergreen, Gardiner, Great Falls, Hamilton, Hardin, Helena, Kalispell, Lame Deer, Livingston, Missoula, Miles City, Polson, Red Lodge, and Whitefish, and 20 Wyoming offices in Buffalo, Casper, Cheyenne, Gillette, Jackson, Laramie, Lander, Riverton and Sheridan.
First Interstate Bank affiliate, First Western Bank, operates 18 offices serving 12 communities throughout the Black Hills and Badlands of South Dakota in Belle Fourche, Custer, Deadwood, Edgemont, Hill City, Hot Springs, New Underwood, Piedmont Valley, Rapid City, Spearfish, Sturgis and Wall.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services®, AppOne®, GainsKeeper®, Capital Changes, NILS and AuthenticWeb™.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and workflow tools, documentation, analytics, authoritative information and professional services. Customers include banks, credit unions, mortgage lenders and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.WoltersKluwer.com for information about our market positions, customers, brands and organization.
Media Contacts
Jennifer Marso
Director of Corporate
Communications for Wolters Kluwer
Financial Services
612.852.7912
Email Jennifer
Charles Miller
Senior Public Relations Specialist
Banking, Mortgage, and Credit Unions
320.240.5457
Email Charles