International Bank of Azerbaijan goes FICO for financial crime fight
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.
RDTEX, a certified partner of FICO, will deliver the solution. The former has been working in Azerbaijan for more than five years.
IBA has 36 branches and 38 sub-branches across the nation. It says it has the “largest corporate segment” in the banking sector of the country, serving enterprises in oil and gas, transportation, manufacturing, trade, services, and telecommunications.