Bank, firms tackle money laundering
Bank, firms tackle money laundering
The Viet Capital Bank, the technology consulting firm Komtek Corporation and FircoSoft signed a cooperation agreement yesterday that would help the bank prevent money laundering and terrorism financing.
FircoSoft's watch-list filtering solutions would help the bank filter customer and counter-party information and recognise those on black lists, said Pham Anh Tu, deputy general director of Viet Capital Bank.
The agreement is part of its plan on anti-money laundering until 2018, enabling it to mitigate business risks and ensure its reputation by strictly implementing the Government's regulations on the prevention of money laundering and terrorist financing, he said.
According to the Viet Nam Banks Association, money laundering and terrorist financing have become a top concern of countries and international organisation in the last 20 years as they both threaten the transparency of the global financial system.
In recent years, money laundering activities had shifted to developing countries, including Viet Nam, said Le Thi Kim Xuan, representative of the association.
As banks become more globally integrated, commercial banks must improve their risk management to international standards, she said.
More than 600 banks worldwide, including large financial institutions, rely on FircoSoft to filter transactions, customers and watch lists to ensure compliance with regulations on terrorist financing and anti-money laundering transactions, according to Xuan.
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