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Install New Software, Banks Told - Monday, August 02, 2004
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MANAMA: Banks in Bahrain are being advised to install new software before September 1, when new anti-money laundering standards imposed by the Bahrain Monetary Agency (BMA) come into effect.
Financial experts Trident Consulting yesterday told bankers that advanced software is vital for meeting the new standards because it automates operations.
"It's impossible for banks to manually manage these standards so software is needed," said Trident Consulting managing partner Tariq Ali.
He said that although many banks have internal regulations of their own to fight money laundering, the new industry standards imposed by the BMA will make things more organised.
"The banks have always reported suspicious activity to the BMA, but never in a structured format.
"What is considered suspicious may vary from bank to bank.
"Now the BMA has adopted 40 standards which all banks will have to follow."
Mr Ali was speaking at a seminar on money-laundering, which was held at the Bahrain Conference Centre, Crowne Plaza.
The event also included a presentation by CIANT Corporation director Ashish Basu and chief architect Sanjib Mallik on their anti-money laundering software product DataScout.
They also spoke about best practices and case studies from the US, Brazilian, Mexican, Indian, Russian and Australian markets.
Texas-based CIANT Corporation is a firm specialising in data management, fraud management and anti-money laundering technologies. |
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