Arab Bank rolls out Fortent AML technology

Arab Bank rolls out Fortent AML technology

Jordan-based Arab Bank is implementing anti-money laundering (AML) technology developed by US risk and compliance systems vendor Fortent across its global operations.

Fortent says the Middle East bank will use its technology to monitor transactions across 400 branches spanning 29 countries.

The software has already been deployed at the bank's European and Levant operations and work is under way to introduce the system across branches in the Gulf, Asia Pacific, Australia, and North Africa.

Arab Bank says Fortent delivered a multi-country, multi-line-of-business Web-based client platform system that functions using both Arabic and English characters.

Commenting on the technology, Abdel Hamid Shoman, Arab Bank chairman and CEO, says: "Fortent's AML monitoring system provides us the tool necessary to process raw data in a more timely and efficient manner into meaningful intelligence that is used to prevent, detect, and report suspicious activity."

Fortent says there is strong demand for AML technology in the Middle East. As financial centres in the region attract ongoing foreign investment, regulatory authorities continue implementing stricter AML rules. This push for enhanced monitoring practices has prompted a strong demand for compliance technology.

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