Banque Saudi Fransi installs anti-money laundering software
Americas Software has signed a contract to install its anti-money laundering and regulatory compliance software at Banque Saudi Fransi, the fifth largest bank in Saudi Arabia. With the installation, Banque Saudi Fransi, an affiliate of Credit Agricole Indosuez, will automate the detection, investigation and reporting of money-laundering activities
The software will complement the bank's current control systems set in accordance with international regulations, including those issued by the Saudi Arabian Monetary Agency and the Saudi Arabian Ministry of Commerce. Americas Software expects to complete the installation by the middle of the year.
Banque Saudi Fransi is a Saudi Arabian Joint Stock Company established June 4, 1977. It is affiliated with Credit Agricole Indosuez (CAI), which holds a 31.1 percent equity interest. CAI is a member of the Credit Agricole Group, the largest retail bank in France, and among the world's top ten financial institutions by total equity.
Banque Saudi Fransi provides all types of commercial-banking, investment and treasury services to both domestic and international customers. It operates through specialized lines of business based at its head office, at its three regional offices in Jeddah, Riyadh and Al-Khobar, and through 57 branches located in the major cities of the Kingdom.
Banque Saudi Fransi's assets totaled $11.9 billion in 2002, a 12 percent increase compared to 2001. Net income reached $270.4 million, 20 percent better than the previous year.
Americas Software, headquartered in Miami, develops markets and sells software that enables banks and other financial institutions to track, detect, investigate, report and manage suspicious activity, including money laundering. The company's flagship product, ASSIST//customer-knowledge (ASSIST//ck), analyzes how money moves in, around and out of financial institutions by profiling account activities and monitoring transaction trends.
The company's software, which also includes AFACS//Web, is currently installed at more than 95 locations in 23 countries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)