Traded on the Nasdaq, a Fortune 500 company praised by financial institutions worldwide, FiserV, formerly known as NetEconomy, is considered a top-notch, anti-money laundering, anti-terrorism crime solution. The mystery that has yet to be solved, however, is how terrorist funding is still occurring at one of the Triodos Bank branches that has acquired this solution.
In 2006, NetEconomy was named "a leading anti-money laundering solution provider; providing information management and electronic commerce systems and services to the financial and insurance industries.
Then Vice President of Product Marketing at NetEconomy, Richard McCarthy said in reference to his company’s product that, "the strong commitment of financial institutions across the globe to mitigating money laundering and terrorist financing activity is substantiated by the considerable investments and advancements in technology."
Furthermore, Celent, a research and advisory firm serving the financial services industry, created a 100-page report based on vendor responses to an extensive RFI, in-depth product demonstrations, and over 50 conversations with the financial institutions that use the software and had only positive things to say about FiserV.
FiserV, whose headquarters are in The Hague, covers clients in Germany, Spain, the United Kingdom, Belgium and the Netherlands to identify and report suspicious activity.
The Triodos Bank, which is based in the Netherlands has branches in Belgium, Germany, United Kingdom and Spain and claims to be a pioneer in ethical banking, so it was only natural for the bank to purchase such a watchdog system.
In 2008, the Triodos Bank acquired the FiserV Compliance Manager financial crime solution in order to improve and automate watchlist checking, Know Your Customer (KYC) procedures, and monitoring customer behavior and financial transactions to mitigate fraud, money laundering and terrorist financing activity.
Until this point, things look fine and dandy. The bank is a "sustainable" one and seemingly does everything in its power to prevent money laundering and terrorist funding.
However, a deeper look into the bank that states that its mission is "to make money work for positive social, environmental and cultural change" reveals something a bit different.
One of Triodos' Belgium branch clients is a questionable organisation named Aksahum. This organisation which also presents itself as pure as the driven snow itself, offers charity to children of suicide bombers in the West Bank, Gaza Strip and East Jerusalem; thereby promoting heinous crimes.
Furthermore, Aksahum, which is the new name given to an old organisation called The Al Aqsa Foundation is just a guise for the well-known "international charity which was named by the United Nations, the European Union, Australia, Canada, the United Arab Emirates, the United Kingdom and the United States as an official terror group. The US also declared the foundation as a "critical part of Hamas' transnational terrorist support infrastructure" and has said that it "uses humanitarian relief as cover to provide support to the Hamas terrorist organization".
That being proven and said, why does the European Union turn a blind eye to the dealings of the Triodos Bank? And why is the FiserV solution not picking up on these atrocious activities, or is it?
In 2006, NetEconomy was named "a leading anti-money laundering solution provider; providing information management and electronic commerce systems and services to the financial and insurance industries.
Then Vice President of Product Marketing at NetEconomy, Richard McCarthy said in reference to his company’s product that, "the strong commitment of financial institutions across the globe to mitigating money laundering and terrorist financing activity is substantiated by the considerable investments and advancements in technology."
Furthermore, Celent, a research and advisory firm serving the financial services industry, created a 100-page report based on vendor responses to an extensive RFI, in-depth product demonstrations, and over 50 conversations with the financial institutions that use the software and had only positive things to say about FiserV.
FiserV, whose headquarters are in The Hague, covers clients in Germany, Spain, the United Kingdom, Belgium and the Netherlands to identify and report suspicious activity.
The Triodos Bank, which is based in the Netherlands has branches in Belgium, Germany, United Kingdom and Spain and claims to be a pioneer in ethical banking, so it was only natural for the bank to purchase such a watchdog system.
In 2008, the Triodos Bank acquired the FiserV Compliance Manager financial crime solution in order to improve and automate watchlist checking, Know Your Customer (KYC) procedures, and monitoring customer behavior and financial transactions to mitigate fraud, money laundering and terrorist financing activity.
Until this point, things look fine and dandy. The bank is a "sustainable" one and seemingly does everything in its power to prevent money laundering and terrorist funding.
However, a deeper look into the bank that states that its mission is "to make money work for positive social, environmental and cultural change" reveals something a bit different.
One of Triodos' Belgium branch clients is a questionable organisation named Aksahum. This organisation which also presents itself as pure as the driven snow itself, offers charity to children of suicide bombers in the West Bank, Gaza Strip and East Jerusalem; thereby promoting heinous crimes.
Furthermore, Aksahum, which is the new name given to an old organisation called The Al Aqsa Foundation is just a guise for the well-known "international charity which was named by the United Nations, the European Union, Australia, Canada, the United Arab Emirates, the United Kingdom and the United States as an official terror group. The US also declared the foundation as a "critical part of Hamas' transnational terrorist support infrastructure" and has said that it "uses humanitarian relief as cover to provide support to the Hamas terrorist organization".
That being proven and said, why does the European Union turn a blind eye to the dealings of the Triodos Bank? And why is the FiserV solution not picking up on these atrocious activities, or is it?