Hazem Mulhim, CEO, EastNets
EastNets, a leading provider of global compliance and payment solutions and services, recently took part in Sibos 2012, the latest edition of the world’s premier financial services event that was held in Osaka Japan.
Nasser J. Sweileh, Senior Product Manager - Compliance at EastNets, delivered a presentation on the opening day titled ‘False Positive Reduction Mechanisms: Put an end to the Nightmare.’ The presentation discussed how to achieve better ‘False Positive’ detection rates in the course of preventing financial fraud and how financial institutions can optimize the use of available False Positive Reduction mechanisms and regularly tune their aggressive anti-money laundering (AML) systems.
Financial institutions use various detection strategies to identify suspicious transactions as they ramp up efforts to comply with a host of regulatory requirements. Unfortunately, aggressive anti-money laundering schemes can also lead to unacceptably high levels of False Positives –the incorrect identification of legitimate transactions as threats.
During the course of the four-day event, EastNets also showcased the capabilities of its en.SafeWatch Profiling and the en.SafeWatch Filtering AML solutions. en.SafeWatch Profiling is a web-based application that delivers customer and account monitoring and profiling, risk scoring, peer group analysis, case management and regulatory reporting.
The en.SafeWatch Filtering application – currently regarded as one of the best automated Anti-Money Laundering solution in the world – identifies blacklisted entities and filters out suspicious transactions from the financial flow using real-time detection. It is used by over 400 financial institutions and corporates in 80 countries. The latest version of en.SafeWatch Filtering sports an enhanced web graphical user interface and merges the Alert and Detection Managers into a single point.
“Sibos 2012 served as the perfect platform for EastNets to demonstrate the advanced capabilities of our en.SafeWatch Profiling and Filtering anti-money laundering solutions, which have been providing clients worldwide a reliable system to manage and control risk, cut down workload with reduced false positives, streamline processes and improve operational efficiencies. Moreover, in line with the Sibos theme, EastNets showed how more efficient financial solutions can help expedite the recovery of mature economies and sustain growth in emerging markets,” said Hazem Mulhim, CEO, EastNets.
Sibos, the annual banking and financial conference held by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), was held at the Intex Centre in Osaka, Japan this year.