African Bank has selected Arctic Intelligence as its software partner for conducting Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) enterprise risk assessments.
The bank will leverage Arctic Intelligence’s cloud-based software AML Accelerate, a guided solution that digitises the enterprise risk assessment process.
The solution will allow African Bank to measure overall financial crime risks and ensure that its AML programme is configured to handle such level of risks.
The solution will also comply with the latest regulatory guidance.
Founded in 2015 and headquartered in Australia, the regtech firm Arctic Intelligence enables audit, risk and compliance-as-a-service (CaaS) through technology for financial institutions.
Arctic Intelligence Africa business partner Roy Melnick said: “I would like to congratulate African Bank in taking this important step as the inaugural Africa client for Arctic Intelligence and the AML Accelerate solution.
“The solution will not only assist them to address financial crime risk and compliance requirements but also sends a firm message to those involved in illegal activities that Africa Bank is not sparing any effort in safeguarding their organisation.”
African Bank chose Arctic Intelligence’s AML Accelerate technology after noteworthy research and recognizing the fact that risk-based principle is at the heart of AML legislation.
African Bank financial crime department group head Lawrence Muravha said: “The solution met our predefined requirements to align with industry best practice, international standards and enable conducting of end-to-end AML risk assessment, capturing of data, electronic record keeping, version control and visualisation of outcomes or reports.”