Press Release

MINNEAPOLIS – Sept. 12, 2007 – Community banks and credit unions that use technology as part of their Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) programs are much more confident in their compliance with BSA requirements than those financial institutions that rely on more manual approaches, according to a recent survey conducted by Wolters Kluwer Financial Services.

A majority of financial institutions responding to the survey who use technology feel it has improved and strengthened their BSA and AML programs. Eighty-five percent of the survey’s respondents who utilize technology report they are confident they are meeting BSA requirements compared to just sixty-seven percent of respondents who don’t use technology.

More significantly from a reputation, cost, and risk perspective, financial institutions with compliance automation also reported having fewer BSA violations in their most recent regulatory exams. Only 20 percent of those institutions using technology said their regulators found any BSA violation during their last visit compared to 31 percent of those institutions not using technology.

Despite these figures, more than half of the survey’s 140 respondents, all of which had less than $3 billion in assets, reported that they still do not use technology as part of their BSA and AML programs.

“Community banks and credit unions traditionally have been slow to automate their BSA and AML processes due to the perception that money laundering and terrorist financing were concerns only for larger banks,” said Raffi Festekjian, chief executive officer of PCi, a part of Wolters Kluwer Financial Services.

“However, in the last 12 months, regulators have been aggressive in BSA enforcement with smaller banks and credit unions,” Festekjian continued. “As a result, we’re going to see a larger number of smaller financial institutions beefing up their BSA and AML programs through the use of technology and consulting services. This survey indicates that automation is not just desirable, it makes tangible business sense in reducing exposure.”

Wolters Kluwer Financial Services conducted the survey through an e-mail sent to BSA compliance officers at community banks and credit unions in late July.

Through the company’s PCi line of compliance analytics solutions, Wolters Kluwer Financial Services offers financial institutions a comprehensive suite technology applications and professional services that help them address BSA, AML and USA PATRIOT Act requirements. For more information, please visit www.pciwiz.com.

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, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®.

Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow 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.

olters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.