MCB Bank, the fourth largest bank in Pakistan, has implemented Logica’s payments filtering solution, HotScan. The bank is now using HotScan to monitor and filter its SWIFT messages in Pakistan in adherence to anti-money laundering regulations.
HotScan enables MCB to comply with new regulations and allows operations and compliance employees to focus on addressing other potential threats – significantly reducing operational costs. It integrates with SWIFT prime messaging interface, Alliance Access, and scans all incoming and outgoing SWIFT messages.
MCB is now benefiting from automated checking of all its cross-border payments and immediate alerts of sanction entities. The bank is compliant with Financial Action Task Force (FATF) sanctions regulations. With growing international pressure to combat terrorist and remove the financial benefits of crime, the bank can scan transactions in real-time, to ensure that every payment has received the highest level of compliance verification and achieve end-of-day payments deadlines.
The implementation was completed in five months and is currently used by compliance and operations units. Logica implemented HotScan in partnership with IBM Pakistan.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more