Korean bank purchases AML solution

Mumbai, May 21 (UNI) In order to stop fraudulent money transactions, Korean Exchange Bank Limited has purchased the Mantas Anti Money Laundering (AML) solution developed by Indian based IT solution company, I-flex solution.

Mantas is comprehensive about AML solution designed to meet upcoming Korean AML regulations as well as enable the bank to expand its international business in Asia, Europe and the U S Mantas AML mitigates risk with comprehensive, enterprise-wide surveillance of customer, account and transaction information to alert supervisors to suspicious behaviors. The system's ability to analyse every transaction and generate risk-based alerts of suspected money laundering activities allows AML and compliance officers to distinguish fraudulent from legitimate transactions.

In addition to Korean Exchange Bank, Mantas has seen an increase in new AML customers including FirstBank the largest bank in Nigeria, and Habib Bank Ltd the largest bank in Pakistan.

UNI