The International Bank of Azerbaijan (IBA) has announced that a system based on the FICO Siron solution has been successfully implemented to provide an integrated approach to combat money laundering and terrorist financing.
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The system incorporates three modules that allow maximum automation of combating money laundering and terrorist financing by means of customer behavior and transaction monitoring, customer risk screening and rating and real-time transaction screening.
The bank’s authorized employees are provided with the access to the system components to make both real-time decisions as well as performing retrospective operational analysis. For the bank, the solution based on FICO software minimized compliance risks while also meeting regulatory requirements.
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The project on automation for combating money laundering and terrorist financing processes in the International Bank of Azerbaijan started in 2019. Siron solutions were implemented by RDTEX, a FICO Certified Partner.
“With its wide network of foreign correspondents and the largest customer base, the International Bank of Azerbaijan is the leading bank in the Republic of Azerbaijan and sees one of its major priorities as fighting against financial crime while meeting all regulatory requirements and compliance procedures,” noted Fuad Islamov, managing director at IBA. “Applying FICO Siron software enables the bank to substantially and fully comply with both national and international legislation, standards and requirements of local regulatory authorities and foreign partners as well as to minimize risks and optimize the related costs. By implementing FICO Siron software, the International Bank of Azerbaijan has completed another important project that alongside with other innovations allows our bank to keep the leading position in the country’s banking sector and remain a highly valued international partner. We are thankful both to FICO and RDTEX for their cooperation and collaborative effort during the software implementation process. We hope this collaboration will continue in the future.”
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