Sharjah Islamic Bank automates money laundering screening

Screening solution from Complinet will help bank with compliance procedures

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By  Mark Sutton Published  July 15, 2008

Sharjah Islamic Bank has stepped up its anti-money laundering and fraud procedures, through the roll out of a screening solution from Complinet.

The bank will use the Complinet Global Screening Workstation to monitor and screen its clients, both new and existing. The Complinet solution will provide identity authentication, and screen against a large number of international databases and watchlists that are circulated to identify those who may be involved with fraud.

The screening will be carried out automatically, as part of the bank's Know Your Customer (KYC) policies and will integrate with its existing compliance measures.

Leas Bachatene, managing director for Middle East and Asia Pacific, Complinet commented: "We are extremely pleased to have the Sharjah Islamic Bank as one of our customers. We are experiencing strong growth in the Middle East region and are currently working with more than 70 financial services firms in the region to reduce their exposure to risk."

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