International Financial Systems (iFinancial) have successfully installed all six modules of AMLtrac, their Anti-Money Laundering system, at the Turkish bank TC Ziraat Bankasi AS, London branch.
The bank has already gone live on the SWIFT Message Screening module, with the other modules expected to follow shortly.
The Bank selected AMLtrac to automate its compliance and meet its Anti-Money Laundering (AML) obligations. They were aware that in order to meet FSA requirements to a high standard would mean ever increasing demands in terms of time and resources. Automation was the only realistic solution. iFinancial were an obvious choice of supplier for this important piece of software as TC Ziraat Bankasi AS already use iFinancial's flagship back office system, BankWare.
The Bank estimates that AMLtrac will save the bank a considerable number of man-hours per week over trying to do the job manually with the expectation that the results will be of a higher quality and consistent across the board. TC Ziraat Bankasi AS also has the reassurance that a proven, automated system such as AMLtrac demonstrates clearly to the FSA that their compliance and AML responsibilities are given prominence.
Terry Day, CEO of iFinancial said, "The installation of AMLtrac at TC Ziraat Bankasi AS was quick and straightforward. We are delighted to include the Bank as one of a growing number of clients who realise the necessity of automated compliance and AML systems. We look forward to the Bank contributing their ideas and experiences at our user group forums and then seeing those ideas materialise into reality in future releases of the software to which they are automatically entitled as part of our single product policy."