Halg Bank completes implementation of anti-money laundering system based on FICO Siron

2022: Completion of FICO Siron Anti-Financial Crime Solutions Suite

On February 24, 2022, Khalg Bank of Azerbaijan and RDTECH announced the completion of a project to introduce a system to counter money laundering and terrorist financing based on the FICO Siron solution.

The system has been successfully put into operation and allows the Bank to solve a number of tasks, including monitoring the behavior of customers and their transactions (Siron AML), customer screening and risk assessment (Siron KYC), real-time payment screening (Siron Embargo). Thanks to FICO-based solutions, the Bank's risks in this direction are minimized.

Authorized employees of the Bank use components of the system to make decisions in real time, as well as for retrospective analysis of transactions. The software allows you to create complex scripts and filters, including certain thresholds, keywords, and criteria. The implemented single workspace contributes to a significant reduction in the labor costs of financial monitoring specialists.

The project on automation of AML/FT processes at Halg Bank started in 2020 as one of the stages of development. During the IT Infrastructure Bank project, information systems were integrated with the solution, Siron the necessary scenarios of business inspections were set up to ensure compliance with regulatory requirements and internal control rules.

Halg Bank is actively expanding the list of financial products and using the latest IT solutions. The choice of an international company that provides information technology services for automating AML/FT processes is a consequence of this approach to business development. The use of FICO Siron software will help the Bank minimize risks in the fight against financial crimes, - notes Murad Mirza, Head of Risk Management, Halg Bank.

Experience with the financial sector Azerbaijan shows that automation compliance is becoming a strategic issue. In banking business development, AML/FT process management is important for compliance regulator and partnership development. - commented by Anna Dmitrakova, director of the RDTEH financial decision center.