Banks are really starting to take a more integrated approach to financial crime management, and our announcement today about First National Bank (FNB) of Lebanon is a case in point.
FNB has migrated to the FICO® TONBELLER® Siron® Anti Financial Crimes Suite and fighting money laundering, counter-terrorism financing, tax evasion with a single, integrated platform. They’re avoiding the patchwork approach — different products for every piece of financial crime management — that can lead to problems. By centralizing compliance with one system, FNB can enhance detecting criminal activity, serving customers and reporting to multiple agencies. What’s more, they’re doing it in the cloud using our solution hosted on AWS.
FNB, one of Lebanon's alpha group banks, will use the FICO solution to detect money laundering, terrorist financing and other financial crimes, and report suspected cases to the country’s financial intelligence unit, the Lebanese Special Investigation Commission. FNB will also use the Siron Tax Compliance Reporting module to meet the reporting standards for Foreign Account Tax Compliance Act (FATCA) in the US and the global Common Reporting Standard (CRS), CRS, developed by the Organization for Economic Cooperation and Development.
Two more points of note:
- Their solution will integrate the onboarding process as well as ongoing banking business.
- They are leveraging the local experience and domain knowledge of an educated third party (FICO partner Series Consulting).
Read more about FNB in our news release.