Source: Magic Software
Magic Software Enterprises Ltd. (NASDAQ:MGIC), a leading provider of state-of-the-art business integration and development technology, announced today that its Israeli subsidiary, Magic Israel, in collaboration with its business partner Kopel-Reem, has implemented a solution for Bank Leumi that ensures compliance with directive 357 of the Bank of Israel that addresses the prevention of money laundering.
Based on Magic's iBOLT & Magic's eDeveloper Composite Application platform, the solution enables Bank Leumi to monitor and document all the transactions performed in the Bank's financial systems in a way that ensures future tracking and investigation by the bank's internal control teams. Directive 357, which was issued recently by the Bank of Israel, requires all financial organizations in Israel to document applicative transactions such as login, updates, queries, data deletion and addition, as well as to save the data in a central data pool that can be monitored and audited on a regular basis.
Yitzhak Mal'ach, Senior Vice President and Head of Leumi's operations and administration division, pointed out that the implementation of this Magic's iBOLT based solution, which was rapidly developed, is crucial and critical for strengthening the Bank's controls against money laundering. "Magic's iBOLT enabled us to shorten the time to market of the solution and allowed us to meet the Bank of Israel's directive on time and within our budget," commented Mal'ach.
Udi Ertel, CEO of Magic Israel, said, "The Leumi Group is one of our strategic customers, where we have over 60 different applications in both the headquarters and the branch levels. The new solution takes advantage of iBOLT's Business Activity Monitoring capabilities by creating an audit trail of all the transactions automatically and is based on a highly flexible infrastructure, allowing it to be scaled up to meet the needs of future systems at Bank Leumi."