Pakistan's Habib Bank licenses Mantas AML technology

Pakistan's Habib Bank licenses Mantas AML technology

I-flex subsidiary Mantas has signed Habib Bank, the largest bank in Pakistan, to its anti-money laundering and compliance technology.

The bank is rolling out the Mantas One package from the Virginia-based vendor to replace disparate applications and manual processes currently used to detect suspicious activity.

Commenting on the deal, Mudassir Khan, senior EVP and chief compliance officer, Habib Bank, says: "We sought an enterprise approach to anti-money laundering. We chose Mantas because it is a proven product, and is able to cover a large number of subsidiaries and jurisdictions."

Pakistan is in the process of modernising laws governing the country's financial sector and the Mantas deal comes ahead of the proposed 2006 Banking Act which includes new provisions to combat financial crime.

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