International Bank of Azerbaijan Chooses FICO TONBELLER Solution to Prevent Financial Crime

The International Bank of Azerbaijan will use FICO TONBELLER software to take an integrated approach to fighting money laundering and terrorist financing, it was announced today by analytic software firm FICO and its partner in Russia and the Commonwealth of Independent States, RDTEX. The bank will use the FICO^® TONBELLER™ Siron™ modules for customer behavior and transaction monitoring (Siron™ AML), for screening and risk rating its customers (Siron™ KYC), and for real-time transaction screening (Siron™ Embargo) to minimise compliance risks. The software will allow the bank to build sophisticated scenarios and filters including defined thresholds, keywords and criteria.

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The bank conducted a five-month review of the market, assessing all the major compliance automation products against business requirements, and visiting a number of reference customers. FICO TONBELLER Siron Solutions came out the clear winner.

“Taking into consideration the current state of global financial markets and growing risks related to money laundering and terrorism financing, International Bank of Azerbaijan have taken steps to minimise such risks and to secure cooperation with its counterparts,” said Fuad Islamov, managing director of International Bank of Azerbaijan. “We scrutinised the market for AML/counter-terrorist financing solutions and we are very glad to start working with FICO TONBELLER, a global company with a solid reputation. We are confident that this partnership will be productive and will strengthen the leading position of IBA.”

“Our competitive edge is our holistic approach to anti-financial crime compliance,” said Torsten Mayer, vice president for compliance solutions at FICO TONBELLER. “With our standard end-to-end Siron software solutions we help financial service providers worldwide to achieve their strategic goals and minimise operational risks while ensuring compliance at reasonable costs. Leading banks in all markets, such as the International Bank of Azerbaijan, are seeking an integrated approach to financial crime prevention.”

“We have been working in Azerbaijan for more than five years, and we are delighted that leading banks are choosing the FICO TONBELLER Siron^® solution above all others,” said Anna Dmitrakova, director of the Center for Financial Solutions at RDTEX. “We will build a fruitful collaboration with the International Bank of Azerbaijan to deliver a reliable automated system that ensures both the security of banking operations and compliance with regulatory requirements.”

The FICO^® TONBELLER™ Siron™ Anti-Financial Crime Solutions Suite includes a comprehensive modular portfolio with high functionality, thereby meeting customers‘ demands for protection against criminal abuse and non-compliance under one roof. The building-block design allows variable combination of the products. This enables firms to get tailor-made solutions against money-laundering, fraud, terrorist financing, and to fulfill custom requirements for governance, risk and compliance in the best possible way.