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News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Reliance Bank picks iFinancial AML software

Source: iFinancial

We are delighted to announce that Reliance Bank have signed for iFinancial’s Anti Money Laundering Software, AMLtrac, as part of their commitment to meet regulatory requirements and ensuring the financial safety of their customers.

Reliance Bank is a full-service bank and as part of the Salvation Army their mission is to serve customers and communities with compassion and integrity and continue a commitment to socially responsible banking.

Founded in 1890, by William Booth, Reliance Bank has a long tradition of keeping social good at the heart of its business and donating up to 75% of its profits to The Salvation Army International who support people whose lives have been affected by emergencies, disasters, poverty and social inequality.

Director Matthew Day said “We always take a collaborative approach when working with our customers and it has been particularly rewarding working with our colleagues at Reliance Bank. They are as passionate about the customers they serve as we are. We are incredibly proud to be partnering with them at this time.”

AMLtrac is our award-winning Anti Money Laundering and counterterrorist financing solution. It is a complete, multi-branch, multi-layered, language independent solution for banks and other financial institutions. AMLtrac is dedicated to identifying, tracking, and regulating potentially suspicious or illegal activities or the proceeds of crime.

An AMLtrac installation comprises a selection of modules that match the exact requirements of our customer’s business. Modules may be mixed and matched into any logical combination and new modules can be added at a later stage without financial penalty.

AMLtrac integrates seamlessly into iFinancials’ core banking and digital banking solutions. It also works with any existing back-office legacy system acting as a complementary extension to it.

Features of AMLtrac can be explained in detail by our expert staff and include:
• Know Your Customer (KYC) and Document management
• Account monitoring and transaction tracking
• SWIFT Message screening
• Alert Management System case tool
• Screening and Filtering Engine
• Management Information
 

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