First Gulf Bank deploys anti-money laundering system

Abu Dhabi-headquartered First Gulf Bank has completed the roll-out of an anti-money laundering (AML) system across its entire network. The new system is said to mark an important step in First Gulf Bank’s commitment to deploy the latest technology in all facets of its operations.

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By  Colin Edwards Published  April 6, 2006

Abu Dhabi-headquartered First Gulf Bank has completed the roll-out of an anti-money laundering (AML) system across its entire network. The new system is said to mark an important step in First Gulf Bank’s commitment to deploy the latest technology in all facets of its operations. The InfrasoftTech’s OMNI Enterprise anti money laundering solution was implemented IMTAC. The system enables the bank to automate workflows in the compliance area and better monitor transactions using the latest business intelligence technology. Andre Sayegh, the Bank’s Acting Chief Executive Officer, said: “This implementation strengthens our corporate governance strategy and demonstrates once more our commitment to compliance. It also underlines the Bank’s commitment to investors and shareholders in creating a banking environment that meets the highest international standards.” Ashok Sardiwal, General Manager of IMTAC, a services company listed on the Muscat Securities Market, said: “This is a landmark project for IMTAC-InfrasoftTech as we foresee the financial services industry in the GCC as a key growth sector. Our partnership with InfrasoftTech and the successful completion of the anti-money laundering project reaffirms our commitment to a long term partnership with First Gulf Bank which continuously delivers value to the organisation.” Infrasoft Technologies, which is a specialist banking software solutions company serving more than 100 financial institutions globally from offices in Bahrain, London, Mumbai and New York, sees the agreement as an endorsement of its ability to deliver an international quality product in a fast track project. Managing Director, Hanuman Tripathi, added: “First Gulf Bank is a most welcome addition to our growing client portfolio. It is highly encouraging to be associated with a bank which is recognised as the leading innovator in the UAE’s financial services sector.”

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