ABC Bank has unveiled a new anti-money laundering software known as OMNIEnterprise as global regulators continue to warn against money laundering.
John Rioba, the financial institution's head of risk and compliance, divulged that other than the new technology crafted by Infrasoft Technologies Ltd, ABC has reviewed its policies and improved staff capacity with specialist anti-money laundering training.
“To achieve optimum efficiency in the implementation of our (anti money laundering) AML programme, we have reviewed all our policies and processes to ensure they are efficient and in line with current requirements, the methodology and technology are sound, and our personnel well trained in line with internationally accepted best practices,” said Mr Rioba.
“The nature of banking is rapidly changing, and this makes monitoring of unusual transactions or verifying a customer’s identity complex and time-consuming. That is why we have upgraded to more superior software that will result in greater efficiency and reduced risks for the bank.” he added.
Roba said that the new technology is able to identify any suspicious account activities and patterns and compile real-time filing of Suspicious Activity Reports or Suspicious Transaction Reports.
Cash Transaction Reporting system, which noted and reports bank transactions of Sh1 million and over is another key feature of the new software.