The First National Bank (FNB) of Lebanon has bolstered its compliance systems by leveraging the FICO Tonbeller Anti-Financial Crime Suite.
FNB said it 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.
The bank is also set to 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), 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 customizable 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.”
Founded in 1956 and based in Silicon Valley, FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries.
Based on the Siron product family, FICO TONBELLER develops and implements standardised and individual solutions against financial and white-collar crime and for risk management and monitoring, analysis, and reporting.
It helps organisations of all fields comply with statutory regulations in accordance with the company’s strategy and its efficient risk management and secures competitive advantages. It combines software technology, consultancy and customer support, to create high-performance applications for governance, risk & compliance.
Following the 2015 acquisition of TONBELLER, the company’s Anti-Financial Crime Solutions Suite also provides software modules for tax Compliance, business partner due diligence, counter-terrorism financing, risk assessment and risk & compliance dashboard, as well as KYC and AML.
“FNB is among the banks recognizing 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 centralizing compliance with one system, FNB can enhance detecting criminal activity, serving customers and reporting to multiple agencies.”
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