Global Fidelity Bank signs for AMLtrac
UK-based core banking and anti-money laundering software vendor International Financial Systems (iFinancial) has recently signed Global Fidelity Bank a privately owned bank in the Cayman Islands for its anti-money-laundering tool AMLtrac.
AMLtrac will be used for KYC and Document Management, Account Monitoring, Transaction Tracking; and for the screening and authorising of all inbound and outbound SWIFT 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 Dow Jones watch list product as its data source.
Sales Director Matthew Day said “The signing of Global Fidelity Bank reflects the versatility and scalability of AMLtrac. The bank is not the largest bank in the world yet they are able to share the same technology as used by other banks many times their size and with much higher volumes. We are pleased to be able to help GFB meet its obligations to CIMA and the world at large.”