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FNB in Lebanon Centralises Compliance Systems with FICO TONBELLER Anti-Financial Crime Suite
First National Bank (FNB) of Lebanon has migrated to the FICO® TONBELLER® Siron® Anti Financial Crimes Suite to take a more holistic, integrated approach to compliance with AML/CTF (anti-money laundering/counter-terrorism financing), KYC (know your customer) and tax regulations.
More information: http://www.fico.com/en/risk-compliance/Tonbeller
FNB will use the FICO solution to detect money laundering, terrorist financing and other financial crimes, and report suspected cases to the country’s financial intelligence unit, the Lebanese Special Investigation Commission. FNB will also use the Siron Tax Compliance Reporting module to meet the reporting standards for Foreign Account Tax Compliance Act (FATCA) in the US and the global Common Reporting Standard (CRS) developed by the Organisation for Economic Cooperation and Development.
“Even in the compliance area, our customers’ satisfaction is paramount,” said Elias Baz, general manager of FNB. “When we decided to change compliance solutions to improve efficiency and customer service, we talked to both local and global providers. The FICO solution was the most flexible, powerful and customisable platform on the market. No other provider offered us a platform with this breadth and depth of functionality: from customer risk classification and transaction screening to tax reporting, including risk and compliance cockpits for governance.”
“FNB is among the banks recognising that there are big gains to be made from using one system for compliance, rather than a patchwork of products,” said Torsten Mayer, vice president for compliance solutions at FICO. “Some providers even offer different systems for FATCA and CRS compliance — this is the wrong approach. By centralising compliance with one system, FNB can enhance detecting criminal activity, serving customers and reporting to multiple agencies.”
FICO offers the TONBELLER® Siron® Anti-Financial Crime Solutions suite on-premises and on AWS, as part of its FICO® Analytic Cloud offerings. Earlier this year, the FICO TONBELLER® Siron® AML and KYC solutions achieved Amazon Web Services (AWS) Financial Services Competency status. This designation recognises FICO for delivering robust solutions on the AWS Cloud to help organisations manage critical issues pertaining to the industry, such as risk management, data management, navigating compliance requirements and establishing governance models.
First National Bank S.A.L. (FNB) is among the leading banking institutions operating in Lebanon, classified among the alpha group banks, with a nationwide network of 27 branches and 16 standalone ATM’s covering major areas in Lebanon. Founded in 1994, FNB conducts commercial, retail, finance, and investment banking activities throughout the Middle East by offering a wide range of innovative products and tailor-made banking services. More information is at www.fnb.com.lb.
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