International Bank of Azerbaijan, the largest financial institution in the Republic of Azerbaijan and the Caucasus region, has selected FICO’s technology to combat money laundering and terrorist financing.
The bank opted for the FICO TONBELLER Siron Anti-Financial Crime Solutions Suite, which comprises a modular portfolio of solutions. These solutions can be customised as per the unique needs of a customer.
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The solution will be delivered by FICO TONBELLER partner RDTEX.
With the Siron suite, the bank will support customer behaviour and transaction monitoring, screening and risk rating of its customers, as well as real-time transaction screening.
The vendor said that its technology will enable the bank to develop sophisticated scenarios and filters such as defined thresholds, keywords and criteria.
FICO TONBELLER vice president for compliance solutions Torsten Mayer said: “With our standard end-to-end Siron software solutions we help financial service providers worldwide to achieve their strategic goals and minimise operational risks while ensuring compliance at reasonable costs.”
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By GlobalDataThe selection of FICO was made following the bank’s five-month review of the market and evaluation of major compliance automation offerings.
International Bank of Azerbaijan managing director Fuad Islamov said: “We scrutinised the market for AML/counter-terrorist financing solutions and we are very glad to start working with FICO TONBELLER, a global company with a solid reputation.
“We are confident that this partnership will be productive and will strengthen the leading position of IBA.”
