Premium Bank to use FICO Siron system to combat money laundering

2022: Automation of AML/FT processes

On March 16, 2022, the company, RDTECH a certified partner, announced FICO that it had begun implementing Premium Bank software FICO Siron in to combat and. money laundering financing terrorism Bank will use FICO modules to Siron monitor customer behavior and transactions (), assess Siron AML customer risk (), Siron KYC and screen payments in real time (time Siron Embargo). The Siron solution will allow the bank to identify and control the full range of risks of both transactional and non-monetary activities related to money laundering and terrorist financing, optimize the work of the compliance department, and eliminate the risk of human error.

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"In the global world, the risk of financial crime is high enough, and every bank can be exposed to it. If internal controls are in place, banks can best protect against and minimize risks. To this end, as well as to ensure compliance with regulatory and international compliance requirements, Premium Bank has started implementing the FICO Siron software. Thanks to this program, the bank will be able to monitor customer transactions in real time and assess customer risks, as well as develop correspondent banking relations. We thank our partners FICO and RDTECH for providing solutions for our bank, "- said Chairman of the Supervisory Board of Premium Bank Elchin Akhmedov.

"This is not the first year we have been working with the financial sector of Azerbaijan and we see that banks are paying more and more attention to the automation of AML/FT processes. The main task of Premium Bank is to quickly move to an integrated approach in compliance process management. To ensure the security of banking operations and compliance with the requirements of the regulator, we are pleased to offer the bank our many years of experience and competence in creating automated systems, " noted Anna Dmitrakova, Director of the RDTEH Financial Decision Center.

FICO Siron Anti-Financial Crime Solutions Suite  includes a complete set of modular solutions with extensive functionality that meets customer requirements and allows you to combat money laundering and terrorist financing.