Arab Bank rolls out anti-money laundering solutions

AML solution from Fortent to provide transaction monitoring across all 400 branches of Arab Bank

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By  Mark Sutton Published  June 23, 2008

Arab Bank, one of the largest financial institutions in the Middle East, has rolled out anti-money laundering (AML) solutions from Fortent.

The bank, which is headquartered in Jordan, has completed deployment of the solution for its European and Levant operations, and is proceeding with a roll out to cover the Gulf, Asia-Pacific, Australia and North Africa. When complete, the solution will provide AML monitoring for 400 branches on five continents.

Abdel Hamid Shoman, Arab Bank chairman and CEO, said: "In furtherance of Arab Bank's existing AML program, Fortent's AML monitoring system provides us the tool necessary to process raw data in a more timely and efficient manner into meaningful intelligence that is used to prevent, detect, and report suspicious activity."

According to Michael Matossian, EVP and Global Head of Group Regulatory Compliance at Arab Bank, the bank selected Fortent's solution as it offers multi-currency, and multi-line of business functionality, in English and Arabic language. The solution also includes case management capabilities.

Matossian commented: "Arab Bank working in partnership with Fortent's professional services team has deployed the Fortent AML system on time and within budget both in Europe and the Levant region. Our focus and commitment is now on fine tuning the system and completing the implementation of the Fortent solution throughout the remaining Arab Bank global network."

"As one of the most esteemed financial institutions in the Middle East, maintaining the largest Arab banking branch network worldwide, the Arab Bank continues to fortify its AML defences and lead the region in establishing an increasingly advanced compliance practice' said Robert Binney, vice chairman of Fortent.

"Fortent is working with Arab Bank to ensure that their AML compliance monitoring needs are being met across their multiple lines of business and throughout their growing global network," he added.

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