First National Bank of Lebanon centralises compliance systems with FICO
First National Bank of Lebanon (FNB) has migrated to the FICO Tonbeller Siron anti financial crimes suite.
FNB 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 will also 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) developed by the Organisation for Economic Cooperation and Development.
“Even in the compliance area, our customers’ satisfaction is paramount,” notes 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.”
Baz says FICO’s offering was “the most flexible, powerful and customisable 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,” he states.