FOREX Bank AB changes Anti Money Laundering system to Trapets InstantWatch AML

FOREX Bank AB has changed its anti-money laundering system to InstantWatch AML, provided by Trapets AB

From the 1th of July it is official that FOREX Bank AB is in production and equipped with a state of the art anti money laundering system, InstantWatch AML. InstantWatch AML is a Swedish-developed system. It analyses a flow of financial transactions and alerts according to a configurable rule system. The AML module provides automatic surveillance against money laundering and terrorist financing.

The system InstantWatch AML also includes access to a KYC (know Your Customer) service for automatic screening of customers against sanctions lists and PEP lists (Political Exposed Person).

The Swedish Financial Supervisory Authority has increased their controls on banks regarding their rules and procedures to combat money laundering and it is of high importance and priority to have a functioning system that prevents money laundering. At this stage FOREX Bank has taken a leading role by having a proven AML system in place.

In accordance with FOREX Bank AB’s ambition to maintain high quality in the work to prevent money laundering and terrorist financing FOREX has chosen to implement Trapets system InstantWatch for our transaction monitoring. InstantWatch is a modern platform which will enhance FOREX ability to maintain and further develop a risk based approach in the transaction monitoring.” says Mikael Boberg, Chief AML Officer at FOREX Bank AB.

We are very proud to announce FOREX Bank as Trapets new customer. FOREX has branches in all Nordic countries, is handling a lot of different currencies, has a complex risk based approach setup and has a large number of InstantWatch users.” says Gunnar Wexell, Chairman of the Board at Trapets.

For more information

Dan Sjöholm, CEO
dan.sjoholm@trapets.com

About Trapets AB

Trapets AB is a leading provider of Market/Trading Surveillance, AML and KYC solutions. Professional services range from assistance in implementing compliance monitoring and advanced analytics programs to fully outsourced trading surveillance.

http://www.trapets.com

About FOREX Bank AB

FOREX Bank is since 1965 market leader in Scandinavia regarding currency exchange and since 2003 the bank offers a growing range of other competitive banking services. FOREX Bank has 120 branches located throughout Scandinavia. The Bank serves 10 million customers annually. For more information visit:

http://www.forex.se

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