Mauritius Commercial Bank deploys NetEconomy AML package

Mauritius Commercial Bank deploys NetEconomy AML package

Mauritius Commercial Bank (MCB) is deploying NetEconomy's Erase Financial Crime Suite to detect and monitor fraudulent activity across its retail, corporate and international banking units.

NetEconomy released its Erase Financial Crime Suite in November last year. THe system is designed to detect a range of illegal activity, giving users a consolidated view of crime across the enterprise.

The system manages account opening procedures and monitors financial transactions - such as cash and cheque deposits, wire transfers and inter-account transfers - and alerts users to the appearance of illegal activity. Once alerts have been generated, a case management function guides users through investigation, case tracking and reporting.

NetEconomy says the first phase of the implementation at MCB has been completed. Phase two will see the deployment of real-time fraud prevention and detection technology.

Edwin Marion, head of operational risk, MCB, says: "With start-to-finish workflow for customer profiling, transaction monitoring, as well as case management within one fully-integrated solution, we can be confident we are effectively mitigating risk across our various banking product areas in order to ensure compliance, prevent illegal activity and protect our customers."

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