Vitalis AML Solution Bolsters Tunisian Banks’ Fight Against Money Laundering

By John L. Guerra, GRC & Fraud Software Journal

Tunisia: A Potential Money Laundering Hotbed

• Tunisia identified as a potential hotbed for money laundering in North Africa
• Political and financial instability in the country
• Banks targeted for illicit financial activities (Al Monitor)

Vitalis Confirms Successful Installation of AML Solution in Tunisia

• French financial IT solutions company Vitalis
• Cutting-edge technology to help local banks deter money laundering
• Partnerships with FICO, Dow Jones, and MEGA International

Implementation of Vitalis’ AML Solution in Tunisia

• SIBTEL, a consortium of 14 Tunisian banks, hosts solution in the cloud
• Four major banks using the solution daily
• Integrated suite includes FICO’s Siron® Anti-Financial Crime Solutions Suite, Dow Jones Watchlist for Politically Exposed Persons (PEPs), and Vitalis’ Swift archives management solution

Advantages of Vitalis’ AML Solution for Tunisian Banks

• Instant implementation using a bank’s existing network infrastructure
• Highly available and secure platform for continuity of service
• Cost savings as hardware and software owned and hosted by SIBTEL
• Local support from Vitalis
• Easy expansion to additional banks
• Addition of new modules without technical limitations
• Certification by Tunisian central bank’s inspection authorities
• Compliance with Foreign Account Tax Compliance Act reporting requirements

Outsourcing AML Hosting, Configuration, and Support Services

• Allows member banks to focus on their operational business
• Quote from Monder Haouas, Vitalis CEO

For more information and insights on money laundering risks and efforts to mitigate them in Tunisia, read the article here.