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Republic Bank Ltd, a Leading Caribbean Bank, Selects Fortent's End-to-End Anti-Money Laundering Compliance Solution
Wednesday, December 03, 2008
NEW YORK, December 3 /PRNewswire/ -- Risk and compliance specialist
Fortent announced today that Republic Bank Limited, a leading Caribbean
financial services group, has selected Fortent's complete financial crimes
and anti-money laundering (AML) technology solution including transaction
monitoring, Know Your Customer (KYC) and case management for implementation
throughout the bank's operations.
With assets in excess of $US 6.7 billion, Republic Bank is one of the
largest and most diverse financial services institutions in the Caribbean.
Operating in six countries and employing over 4500 staff, the bank is
headquartered in Port of Spain, Trinidad and Tobago.
As in many other parts of the world, financial institutions in the
Caribbean have set out to conform to the increasingly stringent AML pressures
from both domestic and global regulatory bodies. A key factor in this AML
effort has been the Caribbean Financial Action Task Force (CFATF), an
organization of thirty states of the Caribbean Basin that have agreed to
implement common countermeasures to address the problem of criminal money
laundering.
"As a successful and rapidly growing bank, we are committed to ensuring
that we have the very best controls in place to detect money laundering and
other financial crime and to meet our regulatory obligations here and
abroad," says John Tang Nian, General Manager of Corporate Operations &
Process Improvement of Republic Bank.
"Following an extensive review of the market, we recognized that Fortent
had developed the most complete, cost-effective and efficient AML solution
available to meet our needs today and to accommodate our ambitious growth
plans for the future," Mr. Tang Nian added. "Along with Fortent's powerful
transaction monitoring solution, the case management and KYC functionality
will allow us to implement a best-in-class AML program. Our choice of Fortent
was reinforced by their excellent track record of working with leading banks
of all sizes throughout the world."
Republic Bank will implement Fortent's comprehensive AML and KYC
compliance solution across all of its major lines of business including:
retail/commercial, corporate, credit card services, trusts and assets,
electronic banking, wire transfer/correspondent banking, and trade finance.
"We are very pleased to have been selected by one of the most dynamic and
fastest growing banks in the Caribbean," says Sandy Jaffee, CEO and Chairman
of Fortent. "As Republic Bank's partner in the increasingly critical area of
financial crime-fighting, Fortent will help the bank set the standard in the
region for AML success."
About Fortent
Fortent provides risk and compliance solutions to financial institutions,
government agencies, and individuals in more than 100 countries. With
advanced systems endorsed by the American Bankers Association, Fortent's
market-leading technology, information, and training businesses help clients
fight financial crime and achieve regulatory compliance throughout their
global operations. For more information visit http://www.fortent.com
For more information please contact Guy Tarring on +44-7831-611598 or
email g.tarring@fortent.com
SOURCE Fortent
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