Baku. 12 December. REPORT.AZ/ The International Bank of Azerbaijan (IBA) will use FICO Tonbeller software to combat money laundering and terrorist financing.
The bank will use the Siron modules for customer behaviour and transaction monitoring (Siron AML), for screening and risk rating its customers (Siron KYC), and for real-time transaction screening (Siron Embargo) to minimise compliance risks.
According to FICO, the software will allow the bank to build sophisticated scenarios and filters including defined thresholds, keywords and criteria.
“Taking into consideration the current state of global financial markets and growing risks related to money laundering and terrorism financing, International Bank of Azerbaijan have taken steps to minimise such risks and to secure cooperation with its counterparts,” says Fuad Islamov, managing director of International Bank of Azerbaijan.
The bank conducted a five-month review of the market, assessing all the major compliance automation products before selecting FICO.