CHANTILLY, Va. — Justice Federal Credit Union has gone live on an anti-money laundering solution from Fortent.
The New York-based company's hosted service uses the same AML tools that it provides to large multi-national institutions as an in-house solution.
"A top priority for us in choosing an AML solution was having a system that would be up and running fast–with minimal impact on our in-house IT resources," said Susan Baugh, risk manager at $422 million Justice FCU.
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The suburban Washington CU serves more than 45,000 employees of the Justice Department, Homeland Security and law enforcement associations across the country.
"With no capital expenditure or lengthy implementation process, institutions can be nimble in meeting regulatory expectations and stay focused on their core competencies, rather than on owning and managing software." said George Faux, group executive, client relationship management, at Fortent. The company said it now provides risk and compliance solutions to more than 400 institutional clients, including 26 of the world's 30 largest financial firms.
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