Fortent, a specialist in anti-money laundering, Know Your Customer, and fraud detection technology, says that the Standard Bank of South Africa Limited, the largest banking group in South Africa,has successfully implemented Fortent’s anti-money laundering (AML) system. Standard Bank is the third bank in South Africa to select Fortent’s AML system in the last 12 months, along with Nedbank and Absa. More than half of the world’s top banks employ Fortent’s systems to fight money laundering and fraud.
In South Africa, the Financial Intelligence CentreAct 38 of 2001 (FICA) imposes requirements on banks and other institutions to introduce anti-money laundering controls, including measures for customer identification.
“Following an extensive period of due diligence, we concluded that Fortent’s technology was the most appropriate anti-money laundering software solution for Standard Bank,” says Nadia Hoff, the Standard Bank Money Laundering Control Officer. “Being able to rapidly deploy Fortent’s software on time and to budget will enable us to comply with regulations.”
“Standard Bank has built a strong reputation as an innovative and dynamic financial services organisation, and their homemarket is experiencing a striking period of transformation in the regulatory arena,” adds Robert Binney, the Vice Chairman of Fortent. “By successfully deploying our AML system, Standard Bank joins a rapidly growing list of banks around the world that have adopted Fortent’s technology to assist in the global fight against money laundering and fraud, and to make sure they are up to the compliance challenge.”