The International Bank of Azerbaijan will use FICO TONBELLER to help fight money laundering and terrorist financing.
FICO will integrate with the bank and provide its Siron modules for customer behaviour and transaction monitoring for AML protection. It is also deploying its services to screen and risk rate customers for KYC compliance, and delivering its real-time transaction screening to further minimise compliance risk.
This software shall allow the bank to create sophisticated scenarios and filters, including defined thresholds, keywords and criteria.
The bank completed a five-month review of the market, assessing products against its requirements before picking FICO.
FICO offers compliance and counter criminal solutions to industries including banking, insurance, financing, lending, energy, government and transportation, among others.
Its solution has been built in a building-block way to allow institutions and firms to customise their solution with a combination of products. Clients can access tailor-made solutions for anti-money laundering, anti-fraud, counter terrorism financing and to meet the necessary governance, risk and compliance demands.
FICO TONBELLER vice president for compliance solutions Torsten Mayer said, “Our competitive edge is our holistic approach to anti-financial crime compliance. With our standard end-to-end Siron software solutions we help financial service providers worldwide to achieve their strategic goals and minimize operational risks while ensuring compliance at reasonable costs.
“Leading banks in all markets, such as the International Bank of Azerbaijan, are seeking an integrated approach to financial crime prevention.”
Earlier in the year, The First National Bank (FNB) of Lebanon implemented the FICO solution to aid its detection of money laundering, terrorist financing and other financial crimes.
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