A leading Ethiopian private commercial bank has selected Amlock™, Azentio’s Financial Crime Detection and Management Solution, to ensure compliance with Ethiopian and international anti-money laundering (AML) regulations.

Amlock™ emerged as the preferred solution to enable the bank to comply with the National Bank of Ethiopia (NBE) and Exception from Informed Consent (EFIC) regulatory guidelines after an extensive request for proposal (RFP) evaluation process where several local and international vendors participated. This order makes the bank the second Ethiopian Amlock™ customer, expanding Azentio’s footprint in the country’s financial services market.

Amlock™ will provide the bank with an end-to-end regulatory compliance solution by managing multiple functions, including Know Your Customer (KYC) sanction screening, customer risk assessment, transaction & remittances monitoring, and regulatory reporting, covering Cash Transaction Reports (CTR) and Suspicious Transaction Reports (STR) to the Ethiopian Financial Intelligence Center.

The solution will also streamline data integration for the bank to ensure all relevant customer and transaction details are captured across all lines of business.

Key Amlock™ Features to be Implemented for the Bank

  • Real-time sanction screening of customers and automated watchlists download
  • Configuration of flexible risk models for individuals and corporates
  • Out of the box library covering common money maundering alert scenarios in addition to creation of user-defined rules
  • Easy to use case investigation workflow with alert prioritization and false positive management
  • Comprehensive regulatory and MIS reports and dashboards

The solution will extensively help the bank in automating various manual tasks and increase its overall operational efficiency. It will also provide a centralized repository and easy access to regulatory reports which are filed.