African Bank has selected Arctic Intelligence as its software partner for conducting Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) enterprise risk assessments.

The bank will leverage Arctic Intelligence’s cloud-based software AML Accelerate, a guided solution that digitises the enterprise risk assessment process.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The solution will allow African Bank to measure overall financial crime risks and ensure that its AML programme is configured to handle such level of risks.

The solution will also comply with the latest regulatory guidance.

Founded in 2015 and headquartered in Australia, the regtech firm Arctic Intelligence enables audit, risk and compliance-as-a-service (CaaS) through technology for financial institutions.

Arctic Intelligence Africa business partner Roy Melnick said: “I would like to congratulate African Bank in taking this important step as the inaugural Africa client for Arctic Intelligence and the AML Accelerate solution.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The solution will not only assist them to address financial crime risk and compliance requirements but also sends a firm message to those involved in illegal activities that Africa Bank is not sparing any effort in safeguarding their organisation.”

African Bank chose Arctic Intelligence’s AML Accelerate technology after noteworthy research and recognizing the fact that risk-based principle is at the heart of AML legislation.

African Bank financial crime department  group head Lawrence Muravha said: “The solution met our predefined requirements to align with industry best practice, international standards and enable conducting of end-to-end AML risk assessment, capturing of data, electronic record keeping, version control and visualisation of outcomes or reports.”