Source: i-flex Solutions
i-flex Solutions Ltd has informed BSE that i-flex solutions, a leading provider of IT solutions to the global financial services industry on April 25, 2008 announced that:
Korea Exchange Bank, Korea's largest foreign exchange bank, has become the first Korean Bank to successfully complete the implementation of an automated anti-money laundering surveillance solution - Mantas AML.
Mantas AML mitigates risk with comprehensive, enterprise-wide surveillance of customer accounts and transaction information to alert supervisors to suspicious behavior. The system's unique ability to analyze every transaction and generate risk-based alerts of suspected money laundering activities allows anti-money laundering and compliance officers to distinguish fraudulent from legitimate transactions.
KEB selected Mantas AML in May 2007 to meet anti-money laundering regulations that were being introduced in Korea. Mantas AML was localized to meet Korean requirements and the implementation is designed to help the bank comply with the Suspicious Transactions Reporting requirements of the Korean Regulator, the Korea Financial Intelligence Unit. The bank also wanted to expand its business in Asia, Europe, and the U.S and needed to increase its credibility with correspondent banks globally.
"The completion of the Oracle Mantas implementation at Korean Exchange Bank on schedule and in accordance with the bank's requirements is an important milestone for us. It demonstrates our ability to address Asian and specifically Korean AML requirements. With regulators in the Asia Pacific Market defining AML regulations rigorously it is time banks take proactive steps toward being able to comply with them. We commend KEB for taking a leadership role in this area," said S Ramakrishnan, CEO for Mantas and Reveleus.