The International Bank of Azerbaijan taps FICO for its fraud fighting system

From: RegTech Analyst

FICO’s Siron solution has made a name for itself enabling businesses to combat money laundering and terrorist financing, which is now being used by the International Bank of Azerbaijan (IBA) in a new deal.

The deal will give the bank’s authorised employees access to the system components to make both real-time decisions as well as performing retrospective operational analysis.

“With its wide network of foreign correspondents and the largest customer base, the International Bank of Azerbaijan is the leading bank in the Republic of Azerbaijan and sees one of its major priorities as fighting against financial crime while meeting all regulatory requirements and compliance procedures,” said Fuad Islamov, managing director at IBA.

“Applying FICO Siron software enables the bank to substantially and fully comply with both national and international legislation, standards and requirements of local regulatory authorities and foreign partners as well as to minimise risks and optimise the related costs.

“By implementing FICO Siron software, the International Bank of Azerbaijan has completed another important project that alongside with other innovations allows our bank to keep the leading position in the country’s banking sector and remain a highly valued international partner. We are thankful both to FICO and RDTEX for their cooperation and collaborative effort during the software implementation process. We hope this collaboration will continue in the future.”

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