NEW YORK, June 24 /PRNewswire/ --
- Largest Middle East bank network adopts advanced compliance technology
Risk and compliance specialist Fortent announced today that Arab Bank has implemented Fortent's anti-money laundering (AML) solution throughout the bank's European and Levant operations, with work underway to introduce the system across its remaining branches in the Gulf, Asia Pacific, Australia, and North Africa. Headquartered in Amman, Jordan, with total assets approaching US$38.3 billion, Arab Bank is implementing Fortent's most advanced AML technology to monitor transactions in the institution's 400 branches spanning 29 countries and 5 continents.
Stronger demand for Middle East AML
As Middle Eastern financial centers attract ongoing foreign investment, the region's regulatory authorities continue implementing stricter AML rules on the financial services industry. This push for enhanced monitoring practices has prompted a strong demand for solutions that meet regulatory compliance expectations and that have proven effective in the detection of suspicious activity.
"As one of the most esteemed financial institutions in the Middle East, maintaining the largest Arab banking branch network worldwide, the Arab Bank continues to fortify its AML defences and lead the region in establishing an increasingly advanced compliance practice," said Robert Binney, Vice Chairman of Fortent.
"Fortent is working with Arab Bank to ensure that their AML compliance monitoring needs are being met across their multiple lines of business and throughout their growing global network," said Mr. Binney. Fortent has implemented its AML system in a wide range of financial institutions, customizing the solution to local markets in Europe, North America, Asia, and South Africa.
Translating data into intelligence
Mr. Abdel Hamid Shoman, Arab Bank Chairman and CEO, remarked, "In furtherance of Arab Bank's existing AML program, Fortent's AML monitoring system provides us the tool necessary to process raw data in a more timely and efficient manner into meaningful intelligence that is used to prevent, detect, and report suspicious activity."
"Widely recognized internationally as the premiere AML monitoring solution, Fortent has proven capable of delivering a multi-country, multi-line-of-business web-based client platform system that functions using both Arabic and English characters," noted Mr. Michael Matossian, EVP and Global Head of Group Regulatory Compliance at Arab Bank.
Business benefits, best practice
Fortent AML is an end-to-end solution -- a true business intelligence system that incorporates not only AML monitoring, but also Know Your Customer and Enhanced Due Diligence detection as well as comprehensive case management.
"Arab Bank, working in partnership with Fortent's professional services team, has deployed the Fortent AML system on time and within budget in both Europe and the Levant region. Our focus and commitment is now on fine-tuning the system and completing the implementation of the Fortent solution throughout the remaining Arab Bank global network," commented Mr. Matossian.
"The goal of the Arab Bank from the outset was to effectively deploy an industry-leading AML monitoring system; the success we have had with this implementation to date is a testament to the capabilities and effectiveness of our solution as well as the dedication and collaboration of the Arab Bank and Fortent teams," said Mr. Binney.
If you would like to speak with Mr. Binney, please contact Suzanne Oaks or Davia Temin of Temin and Company at +1-212-588-8788 or news@teminandco.com.
About Fortent
Fortent provides risk and compliance solutions to financial institutions, government agencies, and individuals in more than 100 countries. It has relationships with more than 400 institutional clients, including 26 of the world's 30 largest financial firms, which use Fortent technology in over 50,000 locations worldwide.
Fortent combines award-winning technology innovation and expertise in regulatory risk to help financial institutions improve productivity and protect hundreds of millions of accounts from money laundering, terrorist financing, and other financial crimes. Endorsed by the American Bankers Association as the industry gold standard, Fortent's advanced systems deliver the most efficient and effective anti-money laundering, know your customer, and fraud detection available on the market today. Technology clients include The Bank of New York Mellon, Bank of Tokyo Mitsubishi-UFJ, Barclays, JPMorgan Chase, Justice Federal Credit Union (U.S. Department of Justice), Lloyds TSB, The Royal Bank of Scotland, Scotiabank, and UBS.
Through its information and training businesses, Fortent delivers the world's leading sources of regulatory news, analysis, and guidance. Moneylaundering.com (and, in Spanish, lavadodinero.com) is the top-ranked site for money laundering news across the globe, while Fortent Inform serves as a groundbreaking regulatory information management tool for institutions in the U.S. In addition to producing the world's largest money laundering conference and exhibition, Fortent offers the industry's leading professional certification program, career planning tools, web seminars, and conferences in the U.S., Europe, Latin America, and the Middle East.
Fortent's global team operates from key offices in New York, Miami, Atlanta, London, and Tokyo. For further information, visit http://www.fortent.com.
About Arab Bank Group
Arab Bank Group is one of the largest banking institutions in MENA, with a shareholders' equity base of US$6.9 billion, a total balance sheet size of US$54.8 billion at end of 2007, and a 2007 pre-tax profit of US$1001.1 million.
Arab Bank is the largest Jordanian financial institution in terms of assets, equity, and banking market share; the Arab Bank Group has a geographically diversified international network of more than 400 branches in 29 countries, spanning 5 continents. The Bank is ranked amongst the largest international financial institutions, with a rating of A- from Fitch, A- from Standard & Poor and A3 from Moody's.
Web site: http://www.fortent.com
Suzanne Oaks, or Davia Temin of Temin and Company, +1-212-588-8788, news@teminandco.com, for Fortent
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