Italy's Banca Monte dei Paschi di Siena (BMPS) has licensed Financial Object's anti money laundering module Financial Sanctions System.
The module, which integrates with Financial Object's Ibis/S2 system, enables the bank to detect suspicious activity by comparing client details and funds transfers against government-issued lists of suspect individuals and organisations.
Enrico Vignoli, manager, international corporate network group, BMPS, says: "Its (Financial Santions Systems) enterprise-wide transaction monitoring system dramatically reduces the risk of money laundering, as well as enabling us to comply with international monetary authorities and Bank of Italy regulations."
Financial Objects adds that the module, which has been implemented at the bank's New York operation, will be rolled out to all international branches.