Source: International Private Banking Systems
International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, today announced that Butterfield Bank (Bahamas) Limited ("BBBL") has chosen the IPBS/Business Manager for regulatory and compliance responsibilities.
Since its inception in 1858, BBBL's parent company The Bank of N.T. Butterfield & Son Limited has grown to be the leading bank in Bermuda and a well regarded specialist offshore financial services group. Since entering the Bahamas market BBBL inherited and has maintained several of the IPBS core banking and trust modules which had been implemented by Thorand Bank and Trust prior to its acquisition by BBBL.
Management of risk and best practice conformity with worldwide financial regulations led the bank to look at implementing a new system with stringent compliance controls, particularly with regards to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Implemented in the Bahamas, IPBS/Business Manager offers an integrated platform for managing KYC/AML mandates that fit with local regulatory requirements for a risk based system. In addition to its risk weighting and scoring mechanism IPBS/Business Manager can be interfaced with most of the watch list service providers to help identify individuals who appear terrorist, drug dealers, money launderer and politically exposed person databases. With locally installed copies of such databases IPBS/Business manager can systematically screen thousands of client names at virtually any frequency.
"As a progressive and innovative bank, our focus is offering clients a first class service and creating solutions tailored to their individual needs. IPBS/Business Manager will allow us to concentrate on our core business - the efficient and effective handling of all client transactions - whilst the solution takes care of many of our KYC/AML compliance obligations," said Timothy Colclough, AVP, Head of Business Development.
"The importance of efficiently managing your KYC and AML obligations is growing. Compliance should be a central part of how banks manage, process and monitor transactions, and therefore integrated into the heart of the back office," said Bruce Raine, Founder and President of IPBS, "We are delighted to build on our long term relationship with Butterfield Bank and look forward to supporting them in the future with the launch of new modules to the IPBS range of solutions."