Shinhan Bank Selects Gifts Software's Anti-Money Laundering Solution

NEW YORK, Nov. 15 /PRNewswire/ -- GIFTS Software, a leading provider of anti-money laundering, funds transfer, and e-banking solutions, announced today that Shinhan Bank New York has selected the GIFTSWEB EDD Anti-Money Laundering solution.

The implementation of the automated GIFTSWEB EDD product will assist the Bank in meeting BSA/AML compliance regulations as dictated by the USA Patriot Act. GIFTSWEB EDD is comprised of the five following modules, each of which can be implemented separately or as a total solution:

    --  Subpoena/Inquiry Module - allows the user to perform real-time
        inquiries against a database of transactions and respond to
        regulators, subpoenas or internal inquiries.

    --  Profiler Module - Provides AML & terrorist financing detection
        scenarios and the ability to filter transactional or customer data for
        specific information such as PEPs, 314a, OFAC/SDN List, Sanction
        Lists, FSA, and NCCTs.

    --  Patterning Module - develops transaction pattern detection scenarios
        for each account or group of accounts allowing comparison of activity
        periodically to report unusual variances.

    --  OFAC/Sanction List Module - allows automated interdiction list
        filtering of transactional & customer data via real-time or file
        based interface.

    --  CIP Module - scans new accounts in real-time or batch against any
        sanction list in order to comply with Section 326 of the USA PATRIOT
        Act.

Incorporated on September 1, 2001, Shinhan Financial Group Co. Ltd. is Korea's first financial holding company that delivers comprehensive financial solutions through a powerful One-Portal network. Shinhan Financial Group's subsidiaries offer quality financial products and services in commercial banking, credit card, private banking, asset management, investment banking, brokerage and insurance. Shinhan serves more than 10 million active customers with 15,000 employees and 970 network branches nationwide. The company has 21 offices in nine countries, including the U.S., the U.K., Japan, China, Germany, India, Hong Kong, Vietnam and Singapore.

GIFTS Software is a leading provider of compliance solutions. In addition, GIFTS Software provides the world's most integrated funds transfer, e-banking, and customer relationship management systems. To discover how the GIFTS family of products can help streamline your business process, reduce costs, improve customer service and mitigate operational risks, please contact Paul Campanaro at 646-865-1301, Ext. 217 or Paul Gdanski at Ext. 240 or via email at pcampanaro@giftssoft.com or pgdanski@giftssoft.com.