The International Bank of Azerbaijan (IBA) has implemented the FICO Siron Anti-Financial Crime solution suite to combat money laundering.

This integrated approach incorporates three modules for maximum automation to combat money laundering.

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This includes customer behaviour and transaction monitoring via Siron AML, customer risk screening and rating via Siron KYC and real-time transaction screening via Siron Embargo.

These FICO Siron components can be accessed only by the bank’s authorised employees, who will be responsible for making real-time decisions and performing retrospective operational analysis.

The FICO software solutions have minimised compliance risks for the bank while meeting the regulatory requirements.

FICO vice president for compliance solutions Sebastian Hetzler said: “The challenge here is to comply with international and local regulations and minimizing the bank’s risk exposure while having associated costs under control to stay competitive.

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“We have worked closely with the bank to help implement change and introduce new systems with minimum disruption to its day-to-day operations.”

IBA managing director Fuad Islamov said: “Applying FICO Siron software enables the bank to substantially and fully comply with both national and international legislation, standards and requirements of local regulatory authorities and foreign partners as well as to minimize risks and optimize the related costs.”

The anti-money laundering (AML) automation project at IBA began in 2019.

The Siron solutions have been implemented by the bank’s FICO-certified partner RDTEX.

RDTEX director of financial solutions sales department Anna Dmitrakova said: “We are confident that the bank’s increased efficiency in combating financial crime is a direct result of the collaborative efforts of a project team comprising of experts from all three stakeholders – the IBA, FICO and RDTEX.”