TUNISIA: Anti-Money Laundering Software Solution Installed to Combat Financial Crime
Combating Financial Crime in Turbulent Times
In the midst of political and financial turmoil, Tunisia is taking decisive steps to prevent money laundering schemes. According to reports, suspicious transactions have surged in the country, making it one of the most affected nations by such practices.
International Terrorist Groups Funneling Money through Tunisian Banks
International and regional terrorist groups, including al-Qaeda in the Islamic Maghreb (AQIM), have been funneling money through Tunisian banks, further exacerbating the problem. To combat this issue, French financial IT solutions company Vitalis has installed an anti-money laundering solution to help Tunisian banks catch international terrorists and other criminal organizations.
Vitalis’ AML Solution: A Comprehensive Approach
Vitalis’ AML solution integrates:
- Siron Anti-Financial Crime Solutions Suite from FICO Tonbeller
- Dow Jones Watchlist for screening Politically Exposed Persons (PEP)
- Vitalis’ own solution for managing Swift archives
The cloud-based solution was implemented in just three months by a team of two consultants.
Challenges and Benefits
The biggest challenge was mapping and ensuring the quality of data provided by member banks. However, using a standard interface that is part of Siron, Vitalis was able to meet the objectives and deadlines for installation.
For member banks, the cloud-based solution has several advantages:
- Fast implementation
- Continuity of service
- Lower costs
- Local support
- Quick extension to new banks
- Easy addition of new modules
- Certification by the Tunisian central bank’s inspection authorities
- Compliance with Foreign Account Tax Compliance Act reporting requirements
Hosting and Support Services
The AML solution is now being hosted by SIBTEL, a group of 14 Tunisian banks, across Tunisia. The solution is currently in daily use at four large pilot banks.
According to Vitalis CEO Monder Haouas, outsourcing hosting, configuration, and support services allows member banks to focus on their operational business.
About Vitalis
With its offices in Tunisia, Vitalis focuses on:
- Business process performance
- Enterprise architecture
- IT governance and audit
- Fraud, risk, and compliance
The company partners with FICO, Dow Jones, and MEGA International.
Conclusion
The installation of the AML solution is a significant step forward for Tunisia in its efforts to combat money laundering and prevent financial crime. With the help of Vitalis, Tunisian banks can now better detect and prevent suspicious transactions, ensuring a safer and more secure financial environment for all.