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.
The system was installed under a project implemented by the OCB, consultancy firm Fintek Company Limited and Malaysian TESS International. It aims to ensure information security for customers and to prevent money laundering and illegal transactions.
The AML system provides preeminent models and methods to filter customer information based on black lists, warning lists, embargo lists and more. It also discovers and investigates suspicious transactions not in line with customers’ business operations.
According to Dao Minh Anh, OCB’s Deputy General Director in charge of risk management, the project is a significant move in building a transparent management system and complying with legal regulations.
The system demonstrates the bank’s strategy in developing management tools and assuring security in all transactions, she said.
She said that the OCB aims to complete its risk management system in line with Base II standards that include recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
The AML system provides preeminent models and methods to filter customer information based on black lists, warning lists, embargo lists and more. It also discovers and investigates suspicious transactions not in line with customers’ business operations.
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The system demonstrates the bank’s strategy in developing management tools and assuring security in all transactions, she said.
She said that the OCB aims to complete its risk management system in line with Base II standards that include recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
