Commercial Bank of Kuwait (CBK) Launches Anti-Money Laundering Offensive with TONBELLER

Bensheim, 04 October 2006 – TONBELLER, one of the market leading vendors of anti-money laundering solutions, has announced today that the Commercial Bank of Kuwait has decided in favor of SironAML and SironEMBARGO to increase their protection against money laundering and terrorist financing.

The Commercial Bank of Kuwait will now deploy TONBELLER's anti-money laundering and watch list management software to monitor all transactions throughout their operations to detect and combat white-collar crime.

“The Commercial Bank of Kuwait decided in favor of TONBELLER against strong business competition because they provide the best price/performance ratio, the highest degree of flexibility in the implementation process as well as local presence. Thus, TONBELLER once again proved to be one of the top addresses for the combat against money laundering, terrorist financing and fraud” said Dr. Michael Schmidt-Kernchen, TONBELLER project manager.

– SironAML –
More than 500 international installations reflect the market leading position of the anti-money laundering solution SironAML. SironAML supports money-laundering officers/compliance officers in monitoring all clients and their transactions. The combination of pattern recognition, time series, cluster and link analysis, as well as text and data mining, forms the basis for the effective tracking of money laundering. The entire data collection procedure, and the measures taken thereafter, are documented in full by SironAML. The comprehensive reporting by SironAML supports the money-laundering officer in the periodic and historical reporting process, as well as in creating suspicion alerts and preparing change reports.

– SironEMBARGO –
SironEMBARGO ensures, by means of the continuous monitoring of clients/suppliers and of the payment transactions, with respect to the sanctions lists, that business relationships with sanctioned persons and payments from and to this circle of individuals are recognised in time and stopped.

SironEMBARGO thereby fulfils the legal requirements for the identification of persons and organisations who are subject to international sanctions (e.g. of the EU and OFAC).

With the monitoring of payment transactions, which takes place on a real-time basis, SironEMBARGO recognises and stops all transactions which generate a cross-reference to the persons and organisations on the embargo lists. All stopped transactions are stored in a database and can be processed further individually online. In this follow-up processing, the decision is made as to whether a transaction initially stopped will subsequently be indeed carried out, or, by contrast, definitively stopped. The procedural steps, which are worked through during the follow-up processing, are recorded by SironEMBARGO. Via this workflow and the audit-proof recording of the individual procedural steps, the processing and the checking can be traced back at any point in time.

TONBELLER AG
Werner-von-Siemens-Str.2
D-64625 Bensheim
GERMANY

Contact:
Bengt Hellbach
Tel.: +49 (0) 6251 / 7000 – 350
Fax: +49 (0) 6251 / 7000 – 140
Email:bh@tonbeller.com
www.tonbeller.com

– About TONBELLER –
For 35 years, TONBELLER has been one of the leading providers of Business Intelligence Software. Innovative technology, comprehensive functionality and many years of experience in risk management guarantee the high degree of dependability of our solutions. The outstanding experience of our team is reflected in over 1000 client installations in 30 countries. For our customers, this means the smallest possible risk in selecting a product, implementation at clearly-stated and fair prices.

Visit our website www.tonbeller.com for further information about TONBELLER and our range of products.

This release was published on openPR.