Al Salam Bank Seychelles selects iFinancial’s AMLtrac solution
ASBS is a joint venture between Al Salam Bank-Bahrain (ASBB) and Seychelles Pension Fund (SPF).
Al Salam Bank Seychelles (ASBS) has chosen International Financial Systems’ (iFinancial) anti-money laundering (AML) solution, AMLtrac, as it plans to introduce domestic banking services for local and regional SMEs and corporates.
As part of that planned expansion, ASBS, an offshore financial institution, has selected the know your customer (KYC) and document management, account monitoring, transaction tracking, and alert management modules of AMLtrac to manage and control its compliance and AML risk.
iFinancial says for the purposes of personal equity plans (PEP), state-owned enterprise (SOE), adverse media and other enhanced checking, AMLtrac is integrated into the Dow Jones database of over 2.4 million data elements as its data source.
ASBS is a joint venture between Al Salam Bank-Bahrain (ASBB) and Seychelles Pension Fund (SPF). The majority shareholder, ASBB, is a commercial bank offering Shariah-compliant products and is headquartered in Bahrain.
There is BankWare
iFinancial has been established for over 30 years, with its main products being the long-standing BankWare core system and AMLtrac.
AMLtrac is used by the likes of BFC Bank in the UK and Global Fidelity Bank in the Cayman Islands.
Earlier this month, Gibraltar Savings Bank went live on BankWare – the first stage of a three-phase implementation plan to replace its in-house legacy system.
BankWare has a small customer base of around ten banks, predominantly in the UK. Earlier this year, Ziraat Bank in London embarked on a core modernisation programme, replacing BankWare with Misys Fusionbanking.
A couple of years ago, another UK-based bank, Raphaels Bank, replaced BankWare with Phoebus Software.
