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How International Bank of Azerbaijan Aims to Stop Financial Crime

Europe and the USA are the two regions of the world hardest hit by financial crime compliance costs. With the projected total cost of financial crime compliance across the global finance sector estimated to be $180.9 billion, banks need a cost-effective solution to be both vigilant and remain at the forefront in the fight against money laundering and terrorist financing.

This is why the International Bank of Azerbaijan (IBA) embarked on a project last year to combat money laundering and terrorist financing using automation — specifically FICO® Siron® solutions implemented by RDTEX, a FICO Certified Partner. The International Bank of Azerbaijan is the largest financial institution both in the Republic of Azerbaijan and the Caucasus region.

“With its wide network of foreign correspondents and the largest customer base, the International Bank of Azerbaijan is the leading bank in the Republic of Azerbaijan and sees one of its major priorities as fighting against financial crime while meeting all regulatory requirements and compliance procedures,” noted Fuad Islamov, managing director at IBA. “Applying FICO Siron software enables the bank to substantially and fully comply with both national and international legislation, standards and requirements of local regulatory authorities and foreign partners, as well as to minimize risks and optimize the related costs.”

By taking this approach, the Bank will use increasingly sophisticated analytics to detect any illegal activity at the earliest stage.  It will use the power of automation and analytics to track vast volumes of information and data about customer behavior and multiple transactions in real time - in addition to customer risk screening and rating. Essentially, these systems provide early warning detection, enabling the Bank to take swift remedial action so it can meet all of its regulatory and compliance obligations – be they national or international.

“By implementing FICO Siron software, the International Bank of Azerbaijan has completed another important project that alongside with other innovations allows our bank to keep the leading position in the country’s banking sector and remain a highly valued international partner,” adds Islamov. “We are thankful both to FICO and RDTEX for their cooperation and collaborative effort during the software implementation process. We hope this collaboration will continue in the future.”

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