The bank will use AMLtrac in its existing UK currency money remittance business and in its new London operation. AMLtrac will be used for KYC and Document Management, Account Monitoring, Transaction Tracking; and for the screening and authorising of all inbound and outbound payment messages. Alerts raised by AMLtrac are either dealt with in its’ Alert Management System or from within its’ Quarantine Queues if it is a stopped message. For the purposes of PEP, SOE, adverse media and other checking AMLtrac will be using the World Check watch list product from Thompson Reuters as its data source.

Matthew Day sales director at iFinancial said “Currency remittance is a high-volume business where margins are tight and one of the most important criteria was that the bank would be able to achieve a high level of straight through message processing whilst at the same time ensuring that they met their regulatory commitments. Also important was AMLtrac’s ability to take real time feeds from multiple back office systems. The bank use Olympic as their core banking solution and an internal system for their remittance business.”