UCB gone live with AML to shield against ML threats
May 28, 2017
United Commercial Bank (UCB), one of the largest first generation banks in Bangladesh has responded against global money laundering threats and has implemented ‘AML Solutions Suite’ to stay compliant. The bank signed contract with DataSoft, specialized solution provider for financial crime, risk, and compliance on 8 September 2016 and after 8 months of rigorous implementation efforts has gone live full solution on 28 May 2017 in 25 branches of the bank. Later, on 11 June 2017 and 18 June 2017 the bank has gone live with Velocity with all other remaining branches.
Money laundering, one of the major global threats of this era impedes economic, political, and cultural development of a society. In response to the efforts of Financial Action Task Force (FATF), Bangladesh Financial Intelligence Unit (BFIU) amended country’s money laundering prevention acts and introduced Money Laundering Prevention Rules (2013) which mandates every financial institutions of the country to implement money laundering program and conduct periodic risk assessment.
The bank contacted with DataSoft to stay compliant and safeguard operations with Velocity. Velocity, an integrated and robust compliance platform was dedicatedly built to comply with AML, BSA, and FATCA regulations.
UCB implemented the complete solutions suite which includes 5 modules; Sanctions & List Screening, KYC CDD & Risk Management, Transactions and Behavior Monitoring, Integrated Case Management & Reporting, and FATCA Compliance Reporting.
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