Arab National Bank tackles money laundering

Arab National Bank has implemented ACI Worldwide’s ACI Proactive Risk Manager fraud detection software as it looks to clamp down on money laundering.

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By  Matthew Southwell Published  December 23, 2002

Arab National Bank has implemented ACI Worldwide’s ACI Proactive Risk Manager fraud detection software as it looks to clamp down on money laundering. Through the system, the finance house will be better able to detect the complex and diverse methods used to launder funds through financial institutions.

“The bank’s ability to meet with local and international directives on money laundering and fraud will be greatly improved in terms of compliance level and time taken to implement, benefiting our customers and the bank’s reputation,” comments Mr. Ahmad Ashgan, general manager Information Technology of Arab National Bank.

In addition to money laundering detection, ACI Proactive Risk Manager will monitor deposit and authorisation activity at Arab National Bank to detect merchant fraud. The system will compare historical merchant use and confirmed fraudulent activity against new merchant activity to detect merchant fraud and suspicious cardholder transactions. As a result, both acquirers and their merchants will be better protected.

“ACI Proactive Risk Manager will provide Arab National Bank with an early warning of suspect activity — reducing fraud and limiting the impact on the bank’s customers in good standing,” explains Mark Vipond, president of ACI Worldwide.

“As new fraud schemes emerge, the system accepts user-defined rules in real time, giving Arab National Bank the ability to quickly react. Custom scoring and the ability to rapidly deploy new rules are powerful key differentiators for our system, and they enable Arab National Bank to quickly identify and stop fraud before losses multiply,” he adds.

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