Risk and compliance specialist Fortent announced today that Republic Bank Limited, a leading Caribbean financial services group, has selected Fortent's complete financial crimes and anti-money laundering (AML) technology solution including transaction monitoring, Know Your Customer (KYC) and case management for implementation throughout the bank's operations.
With assets in excess of $US 6.7 billion, Republic Bank is one of the largest and most diverse financial services institutions in the Caribbean.
Operating in six countries and employing over 4500 staff, the bank is headquartered in Port of Spain, Trinidad and Tobago.
As in many other parts of the world, financial institutions in the Caribbean have set out to conform to the increasingly stringent AML pressures from both domestic and global regulatory bodies. A key factor in this AML effort has been the Caribbean Financial Action Task Force (CFATF), an organization of thirty states of the Caribbean Basin that have agreed to implement common countermeasures to address the problem of criminal money laundering.
"As a successful and rapidly growing bank, we are committed to ensuring that we have the very best controls in place to detect money laundering and other financial crime and to meet our regulatory obligations here and abroad," says John Tang Nian, General Manager of Corporate Operations & Process Improvement of Republic Bank.
"Following an extensive review of the market, we recognized that Fortent had developed the most complete, cost-effective and efficient AML solution available to meet our needs today and to accommodate our ambitious growth plans for the future," Mr. Tang Nian added. "Along with Fortent's powerful transaction monitoring solution, the case management and KYC functionality will allow us to implement a best-in-class AML program. Our choice of Fortent was reinforced by their excellent track record of working with leading banks of all sizes throughout the world."
Republic Bank will implement Fortent's comprehensive AML and KYC compliance solution across all of its major lines of business including: retail/commercial, corporate, credit card services, trusts and assets, electronic banking, wire transfer/correspondent banking, and trade finance.
"We are very pleased to have been selected by one of the most dynamic and fastest growing banks in the Caribbean," says Sandy Jaffee, CEO and Chairman of Fortent. "As Republic Bank's partner in the increasingly critical area of financial crime-fighting, Fortent will help the bank set the standard in the region for AML success."