Afghanistan’s First Microfinance Bank selects Accuity for regulatory compliance
The First MicroFinance Bank in Afghanistan (FMFB-A) has chosen Accuity for regulatory compliance screening of its customer accounts and cross-border transactions.
Accuity says it will help FMFB-A enhance the performance of its compliance operations by eliminating manual procedures and speeding up the end-to-end process with its automated regulatory list updates and real-time screening of transactions and accounts.
Frank van der Poll, chief executive, the First MicroFinance Bank, says it chose Firco Compliance Link for its “flexibility, ease of use, real-time screening and ability to integrate systems efficiently” – and the bank expects to save 60% of its operational hours due to this solution.
The bank was founded in 2004 and is part of the Aga Khan Agency for Microfinance (AKAM), which has programmes in over 15 countries throughout the developing world.
FMFB-A has a commercial banking licence and says its “prime objective in Afghanistan is to contribute to poverty alleviation and economic development though the provision of sustainable financial services to the poor and underserved”.
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