Havin Bank Ltd selects ifinancial’s AMLtrac software to enhance its AML procedures

Havin Bank Ltd, the only bank with entirely Cuban capital established outside Cuba, has chosen the KYC and Document Management, Account Monitoring, Transaction Tracking, SWIFT message screening and Alert Management modules of ifinancial’s AMLtrac software to strengthen the management and control of its compliance and anti-money-laundering risk. To enable easier, faster and better SWIFT STP rates the bank will also be using the SWIFT Message Preparation and Verification module from within ifinancial’s core banking system BankWare. To improve the user experience even further ifinancial are adding SWIFT template functionality to the module which, for example, is particularly beneficial when preparing Trade Finance MT7xx messages.

Havin Bank Ltd, formerly Havana International bank Ltd (HIB), has developed an extensive understanding of the Cuban financial market, its enterprises, perspectives and peculiarities over a number of years, and enjoys a unique position in the wholesale banking world due to its market focus from its operational base in London.

Matthew Day, Sales Director of ifinancial, said “it is great to be working with the guys at Havin. They are looking to improve controls and adherence to legislation with the minimum of impact to their business, and we’re delighted that they’ve chosen our software to enable them to do this”.

International Financial Systems (ifinancial) was founded in 1983 as a group of IT consultants that provided implementation services to banks on IBM mid-range and other banking packages that were in their infancy at that time. Since its foundation, it has provided equipment, services and software to over 100 banks and other financial institutions worldwide.

The company changed its name to International Financial Systems in 2001 to reflect its growing international presence and the diversity of its customer base and the services that it was offering to them. (Full company information can be found here.)

AMLtrac is ifinancial’s award-winning Anti Money Laundering Software and counterterrorist financing solution. It is a complete, multi-branch, multi-layered, language independent solution for banks and other financial institutions. It 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 a bank’s specific type of business. Modules may be mixed and matched into any logical combination and new modules can be added at a later stage.

AMLtrac integrates seamlessly into iFinancial’s other products iBank and BankWare. It also works with any other existing back-office legacy system acting as a complementary extension to it.

To find out more about how we can help you, please feel free to get in touch.