Fraud Protection & Compliance
LONDON — 11 December, 2018
- The International Bank of Azerbaijan, the biggest bank in the country, will use FICO TONBELLER software to take an integrated approach to fighting money laundering and terrorist financing.
- The bank conducted a five-month review of the market, assessing all the major compliance automation products before selecting FICO® TONBELLER™ Siron™ Anti-Financial Crime Solutions.
- RDTEX, a certified partner of FICO TONBELLER, will deliver the solution.
- The FICO TONBELLER Siron Anti-Financial Crime Solutions Suite includes a comprehensive modular portfolio of solutions that customers can tailor to their needs.
The International Bank of Azerbaijan will use FICO TONBELLER software to take an integrated approach to fighting money laundering and terrorist financing, it was announced today by analytic software firm FICO and its partner in Russia and the Commonwealth of Independent States, RDTEX. The bank will use the FICO® TONBELLER™ Siron™ modules for customer behavior and transaction monitoring (Siron™ AML), for screening and risk rating its customers (Siron™ KYC), and for real-time transaction screening (Siron™ Embargo) to minimize compliance risks. The software will allow the bank to build sophisticated scenarios and filters including defined thresholds, keywords and criteria.
More information: http://www.tonbeller.com/en/
The bank conducted a five-month review of the market, assessing all the major compliance automation products against business requirements, and visiting a number of reference customers. FICO TONBELLER Siron Solutions came out the clear winner.
“Taking into consideration the current state of global financial markets and growing risks related to money laundering and terrorism financing, International Bank of Azerbaijan have taken steps to minimize such risks and to secure cooperation with its counterparts,” said Fuad Islamov, managing director of International Bank of Azerbaijan. “We scrutinized the market for AML/counter-terrorist financing solutions and we are very glad to start working with FICO TONBELLER, a global company with a solid reputation. We are confident that this partnership will be productive and will strengthen the leading position of IBA.”
“Our competitive edge is our holistic approach to anti-financial crime compliance,” said Torsten Mayer, vice president for compliance solutions at FICO TONBELLER. “With our standard end-to-end Siron software solutions we help financial service providers worldwide to achieve their strategic goals and minimize operational risks while ensuring compliance at reasonable costs. Leading banks in all markets, such as the International Bank of Azerbaijan, are seeking an integrated approach to financial crime prevention.”
“We have been working in Azerbaijan for more than five years, and we are delighted that leading banks are choosing the FICO TONBELLER Siron® solution above all others,” said Anna Dmitrakova, director of the Center for Financial Solutions at RDTEX. “We will build a fruitful collaboration with the International Bank of Azerbaijan to deliver a reliable automated system that ensures both the security of banking operations and compliance with regulatory requirements.”
The FICO® TONBELLER™ Siron™ Anti-Financial Crime Solutions Suite includes a comprehensive modular portfolio with high functionality, thereby meeting customers‘ demands for protection against criminal abuse and non-compliance under one roof. The building-block design allows variable combination of the products. This enables firms to get tailor-made solutions against money-laundering, fraud, terrorist financing, and to fulfill custom requirements for governance, risk and compliance in the best possible way.
About International Bank of Azerbaijan
The International Bank of Azerbaijan (IBA) is the largest financial institution both in the Republic of Azerbaijan and the Caucasus region. The bank has a very diversified branch network across the country, which consists of 36 branches and 38 sub-branches. Currently the bank has the largest corporate segment in the banking sector of the country, serving the biggest enterprises in oil & gas, transportation, manufacturing, trade, services, telecommunications, etc. The IBA also holds the leading position in Azerbaijan in terms of the number of international payment systems that are the bank’s partners. This partnership makes possible the introduction of innovative card products and worldwide services and privileges to the bank’s customers. Also, the ATM network of the bank is the largest in Azerbaijan. By developing its e-commerce infrastructure, the IBA tries to promote the expansion of non-cash payments in the country.
RDTEX was established in 1992 and over 25 years has been executing projects that improve efficiency and competitiveness of its customers. RDTEX has successfully completed more than 700 projects in major economical branches (finance, retail, government, manufacturing, telecommunications); unique informational and analytical solutions for large state and commercial organizations were developed. RDTEX offers its customers a wide range of services that includes management as well as technical consulting, development and implementation of information systems.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 190 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at www.fico.com.
FICO, TONBELLER and Siron are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.
Emily Broadbent for FICO Catalysis
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