Raiffeisen Bank to introduce IMTF anti-money laundering system in Bucharest

Source: IMTF Software

Raiffeisen Bank S.A., Bucharest, one of the largest banks within the network banks of the Raiffeisen International Group, with a customer base of more than 2.5 million clients has selected IMTF's Anti-Money Laundering (AML) solution (SironAML-Suite) for account and customer monitoring, behaviour analysis, watch-list matching and Link analysis.

This system will be implemented to enable Raiffeisen Bank's Retail Banking Network in more than 200 branches to screen all transactions and customers against watch-lists and monitor all customers for suspicious behaviour. The Link analysis supports the chief compliance Officer in a graphical way to reduce time to find suspicious customers.

According to recent research from TowerGroup, a leading research and advisory group for the global financial services industry, financial crime is costing the industry billions of dollars globally per year in operational losses with untold costs in terms of lost reputation and consumer confidence.

According to Mr. Cãlin Mihai Rangu IT&C Director and IT Manager of the year: "IMTF's offering adhered most closely to our requirements in terms of ease of use, technological viability, flexibility, TCO and future growth. With IMTF's SironAML, RAIFFEISEN BANK can not only fulfill the requirements of international rules and regulations but can also combat Money-Laundering and the financing of terrorism with one of the most sophisticated and widely-used AML tools in the world."

Christian R. Drescher, Managing Director of IMTF Software Ltd. Austria & CEE said, "With more than 500 banks having already chosen IMTF's SironAML-Suite, the collaboration with Raiffeisen is another major success in the CEE."

"We are pleased to add Raiffeisen to the growing list of global financial institutions that have selected IMTF for their AML and compliance software needs," added Mark Büsser, President of The IMTF Group. Moreover, it is a new and extremely strong reference for the IMTF Group in the retail banking industry."

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