International Bank of Qatar clamps down on money laundering
The International Bank of Qatar has installed a financial crime risk management platform that it says will help it to better manage its anti-money laundering and fraud prevention strategy.
Supplied by Fiserv, the tool monitors for money laundering, tax evasion and fraud. The bank said it chose Fiserv because of its flexibility, which should improve its response to new threats and tougher demands from regulators.
“The bank is growing rapidly and we know that a comprehensive and adaptable fraud and compliance solution is vital to sustainable growth and satisfying regulatory requirements,” said Basil Falah, head of compliance at the International Bank of Qatar. “Fiserv offers a single solution with a single database to manage all financial crime risk. It is fully equipped with a unique level of flexibility and independence to add or change scenarios in response to ever-changing crime threats.”
Under Qatari rules policed by the Qatar Financial Centre Regulatory Authority, financial institutions may be required to make suspicious transaction reports to the Qatar Financial Information Unit. There are five laws relating to financial crime and fraud, all of which date from 2004, with the exception of AML Law number four, which was enacted in 2010.
The rules also encompass terrorism financing.
IBQ is one of the older banks in Qatar. Established in 1956, it has a network of six branches and service centres and 32 ATMs. It is smaller than other Qatari rivals such as Qatar National Bank, which has 590 branches and 1240 ATMs. The Fiserv platform is currently used by approximately 1,000 financial institutions.