Second bank in Azerbaijan announces introduction of system preventing illegal banking transactions

Baku, Fineko/ Following the example of PASHA Bank, NIKOIL BANK has announced introduction of the new system preventing illegal banking transactions.

According to NIKOIL BANK, it launched into operation software package AML designed to counter money laundering.

In accordance with a set of measures aimed at improving the effectiveness of the fight against illegal financial transactions, developed by the Government of Azerbaijan in accordance with the generally accepted international standards, NIKOIL BANK began implementing new requirements. AzAML product of Russian company Jet Infosystems was selected as a solution.  The product is specially designed for the banking sector of Azerbaijan.

The system consists of several modules: customer profiles, analysis of operations, documentation, analytical reporting and administration module. At that, the system allows the bank to run its own database of suspicious persons, and download lists of such international organizations as the UN and OFAC. The AzAML system meets the requirements of the legislation of Azerbaijan and conforms to international banking standards.

In real-time regime AzAML identifies suspicious banking transactions through a set of scenarios, which are mechanisms for the analysis of transactions and the definition of specified types of customer behavior. The system allows recording the entire course of the investigation of bank operations, and has a function for introduction of additions and changes of the parameters of scenarios in accordance with the changes in the legislation of Azerbaijan in the sphere of combating laundering of proceeds from crime and terrorist financing.

 "This project allowed us to effectively address multiple business objectives. In addition to bringing the control of operations in compliance with the requirements of regulators, it was greatly improved performance of the Bank’s specialists: manual labor was replaced by automatic monitoring tools. As a result, we minimized operational risks. AzAML meets fully our needs, as well as international standards in this area," commented NIKOIL BANK deputy chairman of board Fuad Tagiyev on the project launch.


16.03.2012 12:01


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