July 4, 2023
MDSL, a renowned provider of cutting-edge banking solutions, has formed a groundbreaking partnership with Ashur Bank in Iraq for the implementation of FORTE™, a sophisticated Anti Money Laundering (AML) solution. This is the first business venture between MDSL and Ashur Bank in Iraq which marks a significant milestone in the Compliance field.
Ashur Bank with its newfound position as MoneyGram's exclusive representative in Iraq, recognizes the increasing need for robust AML measures to combat money laundering, fraud, and terrorism financing. In response to this pressing challenge, FORTE™ has been chosen as the solution to enhance Ashur Bank's capabilities in AML, while also bolstering its credibility and reputation within the financial industry.
With a range of features like KYC customer onboarding, customer due diligence with screening and payment filtering, risk-based analysis, real-time fraud detection and AML/CTF transaction monitoring, case management, and SAR reporting, FORTE™ offers a thorough and multifaceted approach to AML.
The partnership between MDSL, Fynhaus and Ashur Bank marks the beginning of a successful collaboration with numerous upcoming projects in the pipeline. The implementation of FORTE™ solidifies their commitment to combating financial crimes and upholding the highest standards of integrity.
Ashur Bank is delighted to collaborate with MDSL and Fynhaus to implement FORTE™ as part of its strategic vision. "As MoneyGram's exclusive representative in Iraq, it is crucial for us to partner with industry-leading solution providers," said a representative from Ashur Bank. "FORTE™ aligns perfectly with our commitment to combatting financial crimes, and we are confident that this implementation will enhance our ability to protect our customers and maintain the highest standards of compliance."
"The regulatory challenges are constantly evolving, and the need for strong resilience against fraud and money laundering is higher than ever", says Mr. Bashar Alotaibi, Head of PMO and Digital Transformation at Ashur International Bank.
He added "As a forward-thinking financial institution, we are happy to start a strong partnership with MDSL and Fynhaus to take our compliance to a new level through the adoption of advanced technology."
Fynhaus, as the vendor of FORTE™, is excited to embark on its first project in Iraq. "We are proud to be chosen by MDSL and Ashur Bank for this significant endeavor," commented a representative from Fynhaus. "FORTE™ has been designed to meet the evolving needs of financial institutions, providing them with the necessary tools to identify and prevent illicit activities effectively. We are confident that our solution will contribute to the success of Ashur Bank's AML efforts in Iraq."
"We strongly believe that financial institutions must remain vigilant in combating illicit financial activities," stated a spokesperson from MDSL. "FORTE™ represents our commitment to helping these institutions improve their AML capabilities, enhance their credibility, and safeguard their reputation. Our solution focuses on high accuracy in detecting suspicious financial behavior, providing full flexibility in specification and configuration, enabling efficient operations, and ensuring full traceability of customer information."
About Ashur International Bank
Ashur International Bank for Investment was established in 2005 as a private shareholding Company in the private sector. It is considered the first investment bank that provides full package of banking services for commercial enterprises and individuals in Iraq.
For more info: www.ashurbank.iq/en/home/
About Fynhaus and Turnkey Systems
Fynhaus BV is a compliance software innovator based in Amsterdam, Netherlands.
Fynhaus is specialized in advanced RegTech, specifically in the fields of regulatory compliance, fraud detection, and financial transaction messaging. Our solutions also integrate full compliance suites including KYC, identity verification, and KYB due diligence through own development and technology partnerships. Fynhaus has been chosen for the first time to be represented in the RegTech100 listing for 2023, for its innovation in the field of compliance.
Turnkey Systems SARL is a banking software solution provider based in Beirut, Lebanon. It is specialized in the development and implementation of multiple types of banking solutions with over three decades of experience. Turnkey Systems has served over 40 financial institutions in the MEA region, including tier one banks such as Arab Bank, Bank Audi, and Ahli Bank. It is SWIFT certified and holds an ISO 9001:2015 accreditation.
Fynhaus and Turnkey Systems are in a global strategic development and delivery alliance.
Our co-developed solutions are well suited for the specific needs of financial institutions. We provide a seamless transition into modern banking standards and requirements, without disrupting the existing processes.
Our passion for quality is the main driver in our offerings, and we actively aim to exceed the expectations of our clients.
For more info: www.fynhaus.com
About MDSL
Established in 1978, MDSL, an ITG company, has a proven track record in the supply and integration of turnkey banking solutions in Lebanon and the Middle East region, including:
EFT solutions and payments: providing card management solutions (issuing, acquiring, credit/debit, etc.), ATM/POS switching and related systems, Payment Hub, Fraud management, Cards equipment machines/personalization, software simulation tools and related systems.
Core banking solutions: including Core-Banking, Digital Banking/Omni-Channel, Treasury, Risk Management and Finance (Asset Liability Management, Profitability, Basel2/3, IFRS9), electronic signature verifications and Compliance solutions (FATCA, CRS, Anti-Money Laundering, Swift GPI, etc).
In addition, MDSL offers Telco solutions, business analytics, business intelligence, and enterprise content management solutions, and specialized software for the corporate governance.
For more info: www.mdsl.com.lb
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