Source: Gifts Software
GIFTS Software, a leading provider of anti-money laundering, funds transfer, investigation and compensation, and e-banking solutions, announced today that Allied Banking Corporation, Philippines, has selected its Anti-Money Laundering Solution, GIFTSWEB EDD, for installation in the Philippines.
The implementation of the GIFTSWEB EDD Solution will assist Allied Banking Corporation in complying with anti-money laundering regulations. Comprised of five powerful modules: Subpoena/Inquiry, Profiler, Patterning, OFAC/Sanction List, and CIP, GIFTSWEB EDD is the solution to "Knowing Your Customer."
As of December 29, 2005, Allied Bank was the 7th largest private domestic commercial bank in the Philippines in terms of total resources, and the 9th largest in terms of capital. Aside from its 283 domestic branches/offices, Allied Bank has 2 off-shore (OBU) branches in Bahrain and Guam; wholly owned subsidiary in the United Kingdom (Allied Bank (UK) Plc); a majority owned subsidiary in Hong Kong (Allied Banking Corporation (Hong Kong), Ltd.); a majority owned commercial bank subsidiary in Xiamen, Fujian Province, People's Republic of China (Allied Commercial Bank), and an affiliate commercial bank based in San Francisco, California, USA with a branch in Guam (Oceanic Bank).
Allied Banking Corporation is the second bank in the Philippines to select GIFTSWEB EDD. Philippine National Bank has been successfully using the anti- money laundering solution.