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Anti-money laundry system put into use in Orient Bank

The international standard anti-money laundering (AML) system was officially put into use in the Orient Joint Stock Commercial Bank (OCB) on May 25.
Anti-money laundry system put into use in Orient Bank ảnh 1(Photo: vnexpress.net)

HCM City (VNA) – The international standard anti-money laundering (AML)system was officially put into use in the Orient Joint Stock Commercial Bank(OCB) on May 25.

The system was installed under a project implemented by the OCB, consultancy firmFintek Company Limited and Malaysian TESS International. It aims to ensureinformation security for customers and to prevent money laundering and illegaltransactions.

TheAML system provides preeminent models and methods to filter customerinformation based on black lists, warning lists, embargo lists and more. Italso discovers and investigates suspicious transactions not in line withcustomers’ business operations.

According to Dao Minh Anh, OCB’s Deputy General Director in charge of riskmanagement, the project is a significant move in building a transparentmanagement system and complying with legal regulations.

The system demonstrates the bank’s strategy in developing management tools and assuringsecurity in all transactions, she said.

She said that the OCB aims to complete its risk management system in line withBase II standards that include recommendations on banking laws and regulationsissued by the Basel Committee on Banking Supervision.-VNA 
VNA
#anti-money laundering system #Orient Joint Stock Commercial Bank #Fintek Company Limited #TESS International #information security #illegal transactions #embargo lists
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