ABC Bank rolls out new anti-money laundering system

ABC Bank branch in Nairobi. PHOTO | SALATON NJAU 

By BRIAN NGUGI

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Summary

• ABC Bank's new anti-money laundering system, OMNIEnterprise, comes amidst heightened alert by global regulators against the crime.
• The application identifies any suspicious account activity and patterns as well as compiles real-time filing of Suspicious Activity Reports or Suspicious Transaction Reports.
• It also features a Cash Transaction Reporting system, which identifies and reports cash transactions of Sh1 million and over.

ABC Bank has enhanced its anti-money laundering programme with a new software, OMNIEnterprise, amidst heightened alert by global regulators against the crime.

ABC group head of risk and compliance John Rioba said besides the new technology from Infrasoft Technologies Ltd, the lender has reviewed its policies and revamped staff capacity with specialist anti-money laundering training.

“To achieve optimum efficiency in the implementation of our (anti money laundering) AML programme, we have reviewed all our policies and processes to ensure they are efficient and in line with current requirements, the methodology and technology are sound, and our personnel well trained in line with internationally accepted best practices,” said Mr Rioba.

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“The nature of banking is rapidly changing, and this makes monitoring of unusual transactions or verifying a customer’s identity complex and time-consuming. That is why we have upgraded to more superior software that will result in greater efficiency and reduced risks for the bank.”

He said the application identifies any suspicious account activity and patterns as well as compiles real-time filing of Suspicious Activity Reports or Suspicious Transaction Reports. It also features a Cash Transaction Reporting system, which identifies and reports cash transactions of Sh1 million and over.

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