International Bank of Azerbaijan Takes Integrated Approach to Prevent Financial Crime Using FICO Solution
LONDON, July 22, 2020 / PRNewswire / – The International Bank of Azerbaijan (IBA) announced that a system based on the FICO® Siron® solution has been successfully implemented to provide an integrated approach to combating money laundering and terrorist financing.
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The system integrates three modules that allow maximum automation of the fight against money laundering and terrorist financing through customer behavior and transaction monitoring (Siron® AMLA), analysis and rating of customer risk (Siron® KYC) and real-time transaction filtering (Siron® Embargo).
Authorized bank employees have access to system components to make real-time decisions as well as to perform retrospective operational analysis. For the bank, the FICO software-based solution minimized compliance risks while meeting regulatory requirements.
The project to automate the processes of combating money laundering and the financing of terrorism at the International Bank of Azerbaijan started in 2019. Siron® The solutions were implemented by RDTEX, a FICO certified partner.
“With its large network of foreign correspondents and the largest customer base, the International Bank of Azerbaijan is the first bank in the Republic of Azerbaijan and considers as one of its top priorities the fight against financial crime while respecting all regulatory requirements and compliance procedures ”, noted Fouad Islamov, Managing Director at IBA. “The application of FICO Siron software enables the bank to substantially and fully comply with national and international legislation, standards and requirements of local regulatory authorities and foreign partners, as well as to minimize risk and optimize the associated costs. By implementing the FICO Siron software, the International Bank of Azerbaijan completed another important project which, along with other innovations, allows our bank to maintain the leading position in the country’s banking sector and to remain a highly valued international partner. We thank both FICO and RDTEX for their cooperation and collaborative efforts during the software implementation process. We hope that this collaboration will continue in the future. “
“As a leading international bank, IBA is at the forefront of the war on financial crime. The challenge here is to comply with international and local regulations and minimize the risk exposure of the bank while controlling the associated costs to remain competitive ”, commented Dr. Sebastien Hetzler, Vice President of Compliance Solutions at FICO TONBELLER. “We worked closely with the bank to help implement the change and introduce new systems with minimal disruption to their day-to-day operations. It is gratifying to see all of our hard work paying off as the bank meets both its strategic goals and regulatory requirements. . “
“We would like to salute the competence of the bank’s project team and their deep understanding of the needs of IBA clients,” said Anna Dmitrakova, Director of Financial Solutions Sales Department at RDTEX. “We are convinced that the increased efficiency of the bank in combating financial crime is a direct result of the collaborative efforts of a project team composed of experts from the three stakeholders – the International Bank of Azerbaijan, FICO and RDTEX. “
FICO® Siron® Suite of anti-financial crime solutions includes a full range of modular solutions with extensive functionality to meet customer needs and to combat money laundering and terrorist financing. The modularity of the solution makes it possible to vary the product combinations. This enables companies to obtain tailor-made solutions against money laundering, fraud, terrorist financing and to comply with both customer requests and regulatory requirements.
About the International Bank of Azerbaijan
The International Bank of Azerbaijan (IBA) is the largest financial institution in the Republic of Azerbaijan and the Caucasus region. The bank has a very diverse branch network across the country, which consists of 36 branches and 38 sub-branches. Currently, the bank has the largest business segment in the country’s banking sector, serving the largest companies in the oil and gas industry, transportation, manufacturing, commerce, services, telecommunications, etc. . The IBA also holds the leading position in Azerbaijan the number of international payment systems that are partners of the bank. This partnership enables the introduction of innovative card products, as well as services and privileges for bank customers around the world. Also, the bank’s ATM network is the most Azerbaijan. By developing its e-commerce infrastructure, the IBA is trying to promote the expansion of cashless payments in the country.
RDTEX was established in 1992 and for 28 years has been carrying out projects that improve the efficiency and competitiveness of its clients’ businesses. The services provided by RDTEX include the development and implementation of information systems, management consulting and technological consulting.
RDTEX has successfully completed over 700 projects that encompass the development of unique information and analytics solutions as well as generic solutions for large state and business organizations. These solutions are based on software products from leading global enterprise software vendors – Oracle, ABBYY, FICO, Huawei, IBM, Informatica, Microsoft, SAS, TmaxSoft.
FICO (NYSE: FICO) makes decisions that help people and businesses around the world thrive. Founded in 1956 and headquartered in Silicon Valley, the company is a pioneer in using predictive analytics and data science to improve operational decisions. FICO holds more than 195 U.S. and foreign patents on technologies that increase profitability, customer satisfaction, and growth for companies in financial services, telecommunications, healthcare, retail and many other industries. . Using FICO solutions, businesses in over 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to providing guarantees. that millions of planes and rental cars are in the right place at the right time.
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