Lebanon’s First National Bank (FNB) has migrated to the FICO TONBELLER Siron Anti Financial Crimes Suite. The FNB security boost is a bid to support regulations covering anti-money laundering, counter-terrorism financing, KYC and tax.
The FNB security solution, part of FICO Analytic Cloud offerings, is delivered on-premises and on AWS.
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FICO vice president for compliance solutions Torsten Mayer said: “By centralising compliance with one system, FNB can enhance detecting criminal activity, serving customers and reporting to multiple agencies.”
FNB security
Under the agreement, the Lebanese lender will also leverage the Siron Tax Compliance Reporting module.
The aim is to comply with the reporting standards in the US for Foreign Account Tax Compliance Act (FATCA) as well as Organization for Economic Cooperation and Development’s global Common Reporting Standard (CRS).
FNB general manager Elias Baz said: “The FICO solution was the most flexible, powerful and customisable platform on the market.
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By GlobalData“No other provider offered us a platform with this breadth and depth of functionality: from customer risk classification and transaction screening to tax reporting, including risk and compliance cockpits for governance.”
FNB, established in 1994, has 27 branches across Lebanon. The bank offers retail, commercial, and investment banking services as well.
