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 both in 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.
