The Arab Bank has signed up Eastern Networks to implement the SWIFT Interface and Data Extraction (SIDE) OFAC anti money laundering solution in all its branches across 22 countries in Europe, North Africa, the Middle East, the Far East and Australia.
The implementation of the solution will enhance the overall productivity of the bank as SIDE OFAC will drastically reduce manual controls as well as facilitate integration with the bank's specific deny-and-accept-lists.
Furthermore, the option of manual maintenance of the “accept list” will allow Arab Bank to enter the details of customers whose names bear similarity to those in the OFAC list, thus ensuring that the financial transactions of valid customers are never blocked.
Eastern Networks has already installed the SIDE OFAC solutions across the Arab Bank's branches in Bahrain, Qatar, Yemen, Morocco, Tunisia, the United Kingdom, France, Spain, Austria, Germany, Greece, Cyprus, Italy and South Korea. Other branches currently being installed are Singapore, Australia, the United Arab Emirates (UAE), Egypt, Palestine, Algeria, Jordan and Lebanon. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
