Fiserv (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced that Credit Immobilier et Hotelier (CIH) has selected its NetEconomy Anti-money Laundering (AML) Compliance Manager solution.
CIH, a large retail bank located in Morocco, chose the Fiserv NetEconomy solution for its ability to detect and report money laundering activity, and meet the newly introduced requirements set by the Central Bank of Morocco (Bank Al-Maghrib, or BAM), the Moroccan authority bank and the Moroccan laws regarding money laundering.
"Credit Immobilier et Hotelier chose Fiserv's NetEconomy AML Compliance Manager solution not only for the quality of its technology, but also for the high degree of professionalism and expertise of its team. Fiserv will help CIH establish international best practices for addressing money laundering risks and meet regulatory requirements," said Driss Bennouna, deputy general manager, CIH. "We have been very impressed with the solution's sophisticated and proven capabilities for filtering and profiling as well as its flexibility and ease of deployment."
In attempts to help control money laundering in the Moroccan financial sector, Central Bank of Morocco has recently issued Memorandum No. 36 requiring banks and other financial institutions to introduce specific internal controls including the reporting of suspicious transactions, the retention of these reports and the application of Know Your Customer (KYC) requirements. With Fiserv's NetEconomy AML Compliance Manager monitoring banking transactions of CIH's 350,000 customers across 130 branches throughout Morocco, effective KYC controls will be put in place to detect and manage the reporting and tracking of suspicious criminal activity.
"With the new anti-money laundering legislation in Morocco in place, we applaud CIH for taking a proactive approach to protecting its customers and financial institution," said Luc Querton, senior vice president of EMEA-Australia sales of Fiserv Fraud and Compliance Solutions. "With the selection of Fiserv's NetEconomy, we are pleased to be able to help CIH take an important step toward reducing regulatory risk, and setting the standarndard in the region for detecting and reporting financial crime."
Fiserv's NetEconomy recently ranked first in the OpRisk & Compliance Magazine Survey for its anti-money laundering software. In addition, Fiserv's NetEconomy was also ranked first by IBS Publishing as the top-selling provider of anti-money laundering solutions for 2007.
Twitter
Daily newsletter