"International bank of Azerbaijan" began to use FICO software for complex approach to anti-money laundering and terrorism financing

2020: Implementation of FICO Siron Anti-Financial Crime Solutions Suite

On July 22, 2020 the company announced International Bank of Azerbaijan input in commercial operation of a system based on the solution FICO Siron for ensuring complex approach to anti-money laundering and terrorism financing.

According to the company, a system includes three modules allowing bank to automate process of POD/FT due to implementation of monitoring of a customer behavior and their transactions (Siron AML), screening and risks assessment of clients (Siron KYC) and screening of payments in real time (Siron Embargo).

Authorized employees of the bank have access to system components for decision making in real time and also for retrospective operation analysis. Thanks to in work of the solution based on software FICO bank provided minimization compliance risks and observance of requirements of the regulator.

The project on process automation of POD/FT in International Bank of Azerbaijan started in 2019. Solutions of a line of Siron were implemented by specialists of RDTECH company.

Application of the software of FICO Siron promotes more significant and full compliance by bank with requirements of the domestic and international legislation, standards and requirements, both local regulatory bodies, and the international partners and also helps to minimize risks and to optimize expenses in this area. With FICO Siron software implementation International Bank of Azerbaijan completed one more important project. We thank both FICO, and RDTECH for cooperation and joint work in the course of software implementation. We hope that this cooperation will be continued and in the future. Fuad Islamov, the Managing Director of International Bank of Azerbaijan noted

The complexity of a task consists in observing requirements of the domestic and international legislation, to minimize bank risks and at the same time to keep the accompanying costs under control. We worked in close cooperation with bank to help to implement changes and the updated systems with the minimum intervention in daily operating activities. Sebastian Hettsler, the doctor of science, the vice president of division told solutions compliance of FICO TONBELLER company

FICO Siron Anti-Financial Crime Solutions Suite includes the complex of building block solutions with extensive functionality meeting customer requirements and allowing to fight against laundering of income gained in the criminal way, and terrorism financing. The modularity of the solution allows to combine different products. Anna Dmitrakova, the director of the center of finance solutions told RDTECH