First Gulf Bank deploys anti-money laundering system
First Gulf Bank has enlisted IMTAC to help it implement InfrasoftTech’s anti-money laundering (AML) system.
Abu Dhabi-based First Gulf Bank has completed the rollout of an anti-money laundering (AML) system based on InfrasoftTech’s OMNI Enterprise. The bank’s partner in the implementation was IMTAC, a Muscat-based information technology services company.
“This implementation strengthens our corporate governance strategy and demonstrates once more our commitment to compliance,” said Andre Sayegh, First Gulf Bank’s acting chief executive officer. “First Gulf Bank has always been at the forefront of adopting measures to create a more secure financial system in the United Arab Emirates and we are one of the first banks in the country to have completed a rollout of an AML system.”
According to the two parties, the system allows the bank to automate workflows in the compliance area and better monitor transactions using business intelligence technology.
Ashok Sardiwal, general manager of IMTAC LLC, 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 that continuously delivers value to the organisation.”
First Gulf Bank was established in 1979 and registered a 331% year on year increase in net profit in 2005.
IMTAC, established in 1984, is part of Renaissance Services SAOG, a holding company with more than 6,000 employees operating in four countries.