ABA Bank picks Alessa system to meet new AML regulations
Cambodia-based ABA Bank has selected the transaction monitoring system Alessa from Tier1 Financial Solutions.
ABA Bank aims to meet new compliance demands
The bank, a subsidiary of the National Bank of Canada, wants to enhance its compliance to anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
ABA Bank claims to be Cambodia’s leading private financial institution. Its customers include small and medium-sized enterprises (SME), micro businesses, and individuals.
Jonathan Roy, senior compliance director at National Bank of Canada, says it conducted “extensive research” while looking for a new system.
He says Alessa was a solution that would allow the bank to meet and exceed “extensive AML/CFT and technical requirements”.
In June 2020 Cambodia introduced new AML and CFT rules. The rules have provided more specific definitions for the terms, required enhance due diligence reporting, and increased penalties.
The new regulations were a reaction to deficiencies in its laws brought up by the Financial Action Task Force (FATF).
“ABA Bank’s decision to use Alessa will enable them to adapt to these evolving regulations while supporting their digital transformation initiatives,” says Andrew Simpson, chief operating officer of Alessa.
