Islami Bank Bangladesh Limited and Accuity, the leading global anti-money laundering (AML) compliance solutions provider signed an agreement on Real Time Anti Money Laundering Screening Solution Sunday at Islami Bank Tower in presence of Engr. Mustafa Anwar, Chairman (Acting), Engr. Md. Eskander Ali Khan, Chairman, Executive Committee and Mohammad Abdul Mannan, Managing Director and CEO of Islami Bank Bangladesh Limited.

Islami Bank Bangladesh Limited and Accuity, a UK-based anti-money laundering (AML) compliance solutions provider signed an agreement Sunday at Islami Bank Tower in Dhaka.

The implementation enables the holistic management of real-time screening and compliance programs for Islami Bank at enterprise-wide level.  

In presence of Engr. Mustafa Anwar, Chairman (Acting), Engr. Md. Eskander Ali Khan, Chairman, Executive Committee and Mohammad Abdul Mannan, Managing Director and CEO of Islami Bank Bangladesh Limited the agreement was signed between Abdus Sadeque Bhuiyan, Executive Vice President and DCAMLCO of Islami Bank and Sean Norris, Asia Pacific Director of Accuity. Senior Executives of Islami Bank and officials from Accuity were also present on the occasion.

“Islami Bank is the first bank in the country to integrate real-time screening solutions with its core banking system,” said a statement.

This also marks Accuity's first Compliance Link solution implementation in the market and the continued commitment to this rapidly developing financial sector in Asia.

Engr. Mustafa Anwar, Chairman (Acting) of Islami Bank said that the IBBL has formulated a culture of compliance of all regulatory authorities.

The continued development of technology playing remarkable contribution in banking sector. Such efforts are part of this culture. He expected success of the technology in anti money laundering solution.

Mohammad Abdul Mannan, Managing Director and CEO of Islami Bank said, "The addition of Accuity's Compliance Link solution will improve the speed and efficiency of our customer accounts screening, SWIFT Payments and NRB remittances screening against UN, OFAC, and EU Sanctions reducing manual identification process of match type by over 50%.

Accuity's flexible and scalable filtering solution, combined with their accurate data and expertise, will allow us to centralise, automate and streamline our screening processes to ensure compliance with AML regulations, reduce risk and increase operational efficiency."

Sean Norris, APAC Director at Accuity said: "This is an important development in anti-money laundering compliance in Bangladesh's evolving banking sector, with Islami Bank leading the way by adopting a risk-based approach to help reduce risk and drive efficiencies.

Accuity's Compliance Link is a flexible platform that offers one-stop solution for all AML screening needs.