SINGAPORE, March 6, 2015 /PRNewswire/ -- Bangladesh's leading private sector bank, Islami Bank Bangladesh Limited (IBBL) and Accuity, the leading, global Anti-Money Laundering (AML) compliance solutions provider signed the agreement on March 1, 2015 at Islami Bank Tower in Dhaka to formally acknowledge the successful implementation of Accuity's Compliance Link solution for Islami Bank's entire national branch network (294 branches). The implementation enables the holistic management of real-time screening and compliance programs for Islami Bank at enterprise-wide level.
The ceremony was graced by the presence of Engr. Mustafa Anwar, Chairman (Acting), Engr. Md. Eskander Ali Khan, Chairman, Executive Committee and Mr. Mohammad Abdul Mannan, Managing Director and CEO of Islami Bank Bangladesh Limited (IBBL) and the agreement was signed between Abdus Sadeque Bhuiyan, Executive Vice President and DCAMLCO at IBBL and the Asia Pacific Director at Accuity, Mr. Sean Norris. Senior executives and officials from Islami Bank and Accuity were also present at the ceremony.
Islami Bank is the first bank in the country to integrate real-time screening solutions with its core banking system. This also marks Accuity's first Compliance Link solution implementation in the market and the continued commitment to this rapidly developing financial sector in Asia.
Accuity's Compliance Link is a flexible platform that offers one-stop solution for all AML screening needs. With unrivalled connectivity, best-in-class data and user-friendly interface, the solution systematically reviews matches using the same criteria that many analysts are using manually today, eliminating obvious false matches and prioritising the most likely matches. Fuelled by Global WatchList®, Compliance Link has access to a comprehensive collection of caution lists from all major sanctioning bodies, law enforcement agencies and financial regulators worldwide.
Mr. Mohammad Abdul Mannan, Managing Director and CEO of Islami Bank said: "The addition of Accuity's Compliance Link solution will dramatically improve the speed and efficiency of our customer accounts screening, SWIFT Payments and NRB remittances screening against UN, OFAC, and EU Sanctions reducing manual identification process of match type by over 50%. Accuity's flexible and scalable filtering solution, combined with their accurate data and expertise, will allow us to centralise, automate and streamline our screening processes to ensure compliance with AML regulations, reduce risk and increase operational efficiency."
Mr. Sean Norris, APAC Director at Accuity said: "This is an important development in Anti-money Laundering compliance in Bangladesh's evolving banking sector, with Islami Bank leading the way by adopting a risk-based approach to help reduce risk and drive efficiencies. With an ever-increasing force on financial markets in terms of regulation and compliance, this is a major industry development particularly amongst emerging markets in Asia. We are pleased to have been chosen as the preferred partner to support Islami Bank in this significant step forward."
Editorial contacts
For Islami Bank Bangladesh Limited:
Mr. Md. Sultan Uddin
Email: sultanu506@gmail.com
Tel: +88-02-9563040 / +88-01819214229
For Accuity:
Tim Williamson/Ee Ghim Chua
Cognito
Email: acuity@cognitomedia.com
Tel: +65-6818-9024
About Islami Bank Bangladesh Limited
Islami Bank Bangladesh Limited is a Joint Venture Public Limited Company engaged in commercial banking business based on Islamic Shari'ah with 63.09% foreign shareholding having largest branch network ( total 294 Branches) among the private sector Banks in Bangladesh. It was established on the 13th March 1983 as the first Islamic Bank in the South East Asia. It is listed with Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd. Authorized Capital of the Bank is Tk.
About Accuity
Owned by one of the world's leading business-to-business data and content providers, Reed Business Information, and part of Reed Elsevier, Accuity has been providing solutions to banks and businesses worldwide for over 175 years. Our unmatched data and services, powered by Bankers Almanac, deliver optimal payment efficiency, compliant transactions, bank counterparty insight and AML screening success.
About Reed Business Information
At Reed Business Information we provide information and online data services to business professionals worldwide. Customers have access to our high-value industry data, analytics, information and tools. Our strong global brands hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of Reed Elsevier, a leading global provider of data, information and solutions for professional customers.
