International Turnkey Systems (ITS), the Middle East leader in providing technology services to financial organizations, announced today it has expanded its agreement with NetEconomy, a global leader in real-time enterprise risk monitoring solutions for the finance industry, to meet the growing demand of financial crime solutions within the Middle East.
"With money laundering and economic crime on the rise, regulatory bodies are requiring more stringent control over systems and policies in order to fight these illegal operations," said Khaled Faraj Sa’eed, Managing Director and General Manager of ITS. "The combined ITS and NetEconomy ERASE Financial Crime Suite solution offering uniquely addresses and satisfies the local regulatory requirements and challenges financial institutions face within the Middle East."
"There is a huge opportunity for growth in this region as fewer than 5% of banks leverage technology to detect or report money laundering activity," said Mohammad Zaki, Assistant Director General for Sales and Marketing of ITS. "Regional regulatory pressures as well as those imposed by world banks doing business with Arab banks are fueling adoption of technology to effectively manage, mitigate and report money laundering activity. The ITS/NetEconomy strategic partnership delivers a highly reliable, proven, and robust solution uniquely certified for Middle East regulations and policies."
"We are pleased to be working with ITS, a clear market leader with an exceptional track record of delivering successful implementations to Middle East financial institutions," said Peter Steendijk, Sales Director Middle-East, NetEconomy. "Financial institutions including Oman Arab Bank are already implementing the ERASE Financial Crime solution with local support provided by ITS. Our combined offerings have created a truly unique opportunity for all financial institutions in the region to implement a complete, cost-effective financial crime monitoring system."