Guaranty Trust Bank London installs AMLtrac

International Financial Systems have successfully installed all modules of AMLtrac, their Anti Money Laundering system, at the Nigerian bank Guaranty Trust Bank, London branch.

Terry Day, Managing Director of iFinancial said “The bank were aware that in order to meet their FSA anti-money laundering obligations to a sufficiently high standard would either mean ever increasing demands in terms of time and human resources or automation. Automation was the only realistic solution”. He went on to say “It was necessary that AMLtrac could interface with the bank’s existing back office system. The installation and testing has gone smoothly, and we are looking forward to having all the modules live shortly.”

Day estimates that AMLtrac will save the bank a considerable number of man-hours per week with the expectation that the results will be of a higher quality and consistent across the board. GT Bank also has the reassurance that a proven, automated system such as AMLtrac demonstrates clearly to the FSA that their compliance and AML responsibilities are given prominence.

Day went on to say, “The installation of AMLtrac at GT Bank was quick and straightforward. We are delighted to welcome the bank as one of a growing number of clients who realise the necessity of automated compliance and AML systems. We look forward to the bank contributing their ideas and experiences at our user group forums and then seeing those ideas materialise into reality in future releases of the software to which they are automatically entitled as part of our single product policy.”


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