CAC Bank implements anti-money laundering solution to prevent illegal financing activities across Yemen
The Cooperative & Agricultural Credit (CAC) Bank, a Yemen-based banks, is one of the very first financial institutions in the country to take the necessary steps in combating money laundering and terrorist financing by partnering with SAS , the leader in analytics, to deploy anti-money laundering (AML) options across all of its branches.
CAC Bank has implemented SAS Anti-Money Laundering solution to abide by the Central Bank of Yemen's considerable efforts to execute stricter AML and counterterrorist financing (CTF) regulations through a risk-based method of keeping an eye on transactions for illicit and fraudulent activities within large information volumes. Using high-performance analytics, SAS Anti-Money Laundering option gathers details and immediately conveying it into actual intelligence that notifies private investigators and authorities.
"It is encouraging to understand that in spite of the present situation in Yemen, the Central Bank is continuing its fight versus money laundering and terrorist funding by boosting the framework of AML within the banking and finance sector in the country," said Ibrahim Nijad, CEO Deputy Assistant, Banking Operations, CAC Bank. "We are dedicated to promoting our credibility by supplying the very best services to our customers, and with SAS Anti-Money Laundering option, we can automatically determine and categorize suspicious banking deals.".
SAS has partnered with ITS, a leading integrated information technology solutions and software application providers, and DataGear, a software application & providers specializing in the field of Business Intelligence (BI) and Enterprise Data warehousing, to successfully execute the AML option within the CAC Bank's main mainframe and to its branches throughout Yemen.
"AML has actually become a major certified option among global and regional banks and financial companies. Presently, SAS has actually executed our AML solution across 21 banks in the Middle East and leading tier banks count on us for a safety net for any suspicious deals between individuals and business," stated Marcel Yammine, Gulf and Emerging Markets (GEM), SAS. "We are pleased to partner with ITS and DataGear to offer CAC Bank with a world-class AML solution integrated within their banking system to aid in discovering and flagging prohibited activities, reducing false positives and reporting them in a prompt manner.".
The SAS Anti-Money Laundering option is readily available in both English and Arabic languages, which makes use of multiple detection methods to monitor more dangers in huge data volumes, in less time.
"We have provided core banking options to CAC Bank for many years and by partnering with SAS, we have the ability to help them improve their services by integrating SAS Anti-Money Laundering solution. Our on-the-ground relationship with CAC Bank likewise enabled us to provide strategic assistance with the bank's AML activities," stated Ramy Fouda, Regional Director - Gulf Region, ITS.
Ahmed Elsonbaty, Professional Services Manager, DataGear said; "DataGear and SAS bring completely mixed devices and know-how that will enable CAC Bank to optimally comprehend and utilize the power of information in both English and Arabic languages. The effective execution of SAS Anti-Money Laundering option at CAC Bank was handled by our highly skilled multilingual team in Yemen.".
CAC Bank is a financial institution that supplies a wide range of banking services to people and corporate customers. CAC Bank offers business banking services including retail banking and has an unique role in the development of Yemen's agricultural and fishery sectors by supplying farming banking services that consist of long, mid and short-term loans.
