UBA Procures anti-money laundering software

United Bank for Africa Plc, Nigeria’s biggest bank, has heightened its anti-money laundering compliance status with the deployment of state-of-the art anti-money laundering software designed to monitor and detect money-laundering activity based on predefined rules and scenarios.

The software system called OMNIEnteprise AML Solution has been integrated into UBA’s electronic banking systems with the capability of confirming customer identity, authenticating new and existing account holders, as well as recording and reporting suspicious transactions to the regulatory bodies. 

Mr David Isiavwe, head, corporate audit and compliance, UBA Plc, said besides effective KYC (Know Your Customer) compliance and customer risk profiling, OMNIEnteprise AML Solution also allows UBA to monitor bank-wide transactions and conduct due diligence when a new customer is created in the system.

advertisement

The bank’s chief compliance officer outlined other features of the system which include the ability to interface with existing core banking systems, screen customer behavior, check customer risk rating and monitor payment and transactions from different payment sources.  The application also provides a powerful multi-functional search facility which assists to scan single or multiple blacklists to validate all transaction data against the lists stored in the databases.

Mrs. Celine Loader, divisional head, corporate communications, UBA Plc, asserts that the adoption of OMNIEnteprise AML Solution marks a key milestone in the group’s strategic development, specifically in benchmarking global best practices and international standards in compliance and risk management. 

“This is another significant step in the right direction, as UBA pursues its vision to become the number one financial services institution in Africa and a brand that is the Africa ’s global bank”, she said.

United Bank for Africa (UBA) Plc is the largest financial services company (by balance sheet size, branch network and customer base) in West Africa and one of the biggest listed companies in Nigeria. As a recognized leader within the financial services industry, the bank is a key driving force of the region’s economic development.

The group has embarked on an ambitious transformation program driven by its vision to create Africa’s global bank, out of Nigeria. UBA now has presence in seven African countries, spanning West, Central and East Africa, with main operations in Nigeria and Ghana, two of the most vibrant economies of Africa.