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How Tunisian Banks Will Fight Money Laundering – in the Cloud

Anti-money laundering is one of the vital components of the fight against organized crime and terrorism. Two firms have just received a FICO Decision Management Award for their innovative work to help banks across Tunisia increase their AML activities and comply with banking regulations.

VITALIS, in partnership with FICO, has developed and deployed an advanced AML solution, hosted by SIBTEL in its cloud to be used by banks across Tunisia. In order to help the nation’s banks comply with AML regulations, SIBTEL sought a solution that could be installed in the cloud as a managed service.

The solution VITALIS set up with them integrates the Siron® Anti-Financial Crime Solutions Suite from FICO TONBELLER, the Dow Jones Watchlist for screening PEP (politically exposed persons) and the VITALIS solution for managing Swift archives.

The solution was implemented with a team of two consultants in just three months. This demonstrates the flexibility of cloud-based solutions. The solution is already in daily use at four large pilot banks, and will be especially beneficial to smaller banks.

“Many Tunisian banks have a small compliance team of just one or two people,” said Monder Haouas, CEO of VITALIS. “Outsourcing hosting, configuration and support services is an excellent opportunity that allows member banks to focus on their operational business.”

This solution drew praise from the judges of the FICO Decision Management Awards for 2015. “People think about regulation as an inhibitor to innovation, but there are many cases where regulation is the impetus for innovation and adopting hybrid IT environments that include cloud,” said Michael Versace, global research director for digital strategy at the industry analyst firm IDC. “SIBTEL and VITALIS’s achievement involves not just the cloud, but a broader digital strategy that includes other third-platform technologies. These technologies collectively provide greater efficiency and agility in their ability to fight fraud and improve customer engagement. They are addressing regulatory compliance on a country level, which is very impressive.”

The FICO Decision Management Awards honor companies that have achieved outstanding business results using FICO predictive analytics and decision management solutions. Winners will be featured in presentations at FICO World 2016 in Washington D.C., April 26-29. Thanks again to our award judges: Philip Alexander of the Financial Times; Joel Wells from Discover Card, Michael Versace from IDC and Michael Wu of Lithium Technologies.

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