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ADCB fights money laundering with Ace Scan Solutions
Abu Dhabi Commercial Bank (ADCB) is to use software from Ace Software Solutions, a provider of fully integrated Straight Through Processing (STP) enabled payments and transaction processing solutions for the banking sector, to improve its compliance with anti-money laundering (AML) regulations.
The bank has implemented Ace’s OFAC Guard solution, which enables compliance with the OFAC list issued by the US Treasury Office, as well as official blacklists from national and international authorities.
The implementation is part of ADCB’s Payments Gateway project, which is intended to give the bank greater control of its payments infrastructure.
“We realised that ADCB would benefit from a specialised solution that could automatically filter all types of financial transactions and messages to prevent payments to or from blacklisted individuals and organisations,” said Steve Dickens, chief operating officer, ADCB. “We conducted an extensive review of the available solutions on the market. It was clear that OFAC Guard from ACE Software would bring significant benefits by ensuring compliance, reducing processing time and minimising our exposure to risk. Its close integration with PELICAN, an intelligent payment processing platform, will ensure a comprehensive and end-to-end payment solution.”
OFAC Guard uses intelligent natural language processing features to quickly and accurately scan financial messages for all types and formats, including non-standard unstructured message types like emails and faxes.
It intelligently identifies blacklisted entities in transactions, with very low false positive rates, and highlights them before transactions are processed.
“ACE Software’s experience in delivering effective solutions for efficient payments processing and in particular money laundering demonstrates why we are the first choice for companies looking for a product that can be deployed quickly and generate immediate benefits,” said Parth Desai, CEO of ACE.
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