Westpac New Zealand (NZ) has gone live with Misys Wholesale Banking Systems' anti-money laundering software, Midas Compliance Watch.
The product will enable the bank to comply with both national and international anti-money laundering regulations.
Midas Compliance Watch will be used by the bank to screen accounts, transactions and inward and outward financial messages for individuals or organisations appearing on published lists of known or suspected terrorists.
Peter Thomas, head of international operations, Westpac NZ, says the automated tracking software will protect the bank and its customers from any potential terrorist financing activities.
"Westpac wanted an application that would protect its financial markets and international payments business, be easily integrated in to its infrastructure and be robust enough to meet local and international legislation," says Thomas.