NIKOIL BANK implements the system of counteraction of money laundering

NIKOIL|BANK and Jet Infosystems company brought the AML system intended for counteraction of money laundering into commercial operation. The AzAML system is development of Jet Infosystems company, meets the new requirements of the legislation of the Republic Azerbaijan and conforms to international standards of banking activity.

Task

In 2010 NIKOIL|BANK one of the first banks in Azerbaijan began to implement new requirements and set a goal to implement an AML system as means of counteraction of money laundering. As the solution the AzAML system was selected.

Solution

Considering requirements of the maximum flexibility, specialists of Jet Infosystems company implemented an opportunity to set up the solution according to the current business challenges of the customer. As AzAML had to obtain data on clients and the operations performed by them from the automated banking system (ABS) of bank, in parallel there were works on integration of AzAML with the core banking system. Upon termination of integration experts of the system integrator together with the NIKOIL command|BANK-and held final system testing. AzAML was brought into commercial operation in December, 2011.

Opinion

"At the initial stages of the project the most part of works on system implementation was carried out far off, from the Moscow office of our company. Over time specialists of the Azerbaijani branch also were connected to the project. In the long term it will give the chance of quick response to changes in the legislation and timely introduction of necessary completions within maintenance of a system", - Evgeny Brenneysen, the commercial director of branch of Jet Infosystems company in Azerbaijan notes.

Emin Mamedov, the director of the department of information technologies of NIKOIL|BANK-and, emphasizes: "Implementation of a similar system was carried out for the first time in Azerbaijan. Naturally, we had to meet certain difficulties. However thanks to harmonious work of staff of our bank and specialists of Jet Infosystems company we managed first in the country to implement the software intended for counteraction of money laundering, integrating it into an automated system of bank".

"This project allowed us to solve effectively at once several business challenges. Except reduction in compliance with requirements of regulators, work of specialists of bank was considerably optimized: manual work was replaced by automatic monitors. As a result, we minimized operational risks. AzAML almost completely corresponds to our requirements", - Fuad Tagiyev, the vice chairman of the board of NIKOIL|commented on a project startup BANK-and.