Cambodia’s leading private financial institution chooses compliance solution to strengthen its anti-money laundering and fraud prevention missions.
TORONTO and NEW YORK, March 2, 2021 – Alessa, a leading provider of compliance and fraud prevention solutions, has announced that the ABA Bank has selected Alessa to fulfill its transaction monitoring, risk scoring, fraud detection and regulatory reporting needs to enhance its compliance to anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
ABA Bank, a subsidiary of National Bank of Canada, is Cambodia’s leading private financial institution. Founded in 1996 as the Advanced Bank of Asia Limited, ABA Bank is one of the top three commercial banks in the country and offers the entire spectrum of services to small and medium enterprises, micro businesses, and individuals.
“As the bank of choice for individuals and businesses, we understand the impact of illicit activities on the soundness of both the Cambodian and international financial sectors,” said Jonathan G. Roy, Senior Compliance Director at National Bank of Canada who is in charge of the compliance governance of the bank’s international investments. “After extensive research we found that Alessa was the solution that would allow us to select the functionality that we needed while still meeting or exceeding our extensive AML/CFT and technical requirements.”
“Cambodia has recently introduced new AML/CFT laws aimed at strengthening deficiencies identified by FATF,” said Andrew Simpson, Chief Operating Officer of Alessa. “ABA Bank’s decision to use Alessa will enable them to adapt to these evolving regulations while supporting their digital transformation initiatives.”
Alessa is trusted by financial institutions to meet their compliance and fraud prevention needs. Alessa is consistently chosen because it is a versatile and modular solution that easily integrates with existing infrastructure, and scales with organizations as their size and needs grow.
To learn more about how Alessa can strengthen your AML/CFT compliance program, visit our new home at https://alessa.com/.
Alessa is a compliance, controls monitoring and fraud prevention solution for banking, insurance, fintech, gaming, manufacturing, retail and more. With deployments around the world, Alessa allows organizations to quickly detect suspicious transactions, identify high-risk customers and vendors and decrease fraud risks that reduces profitability and increases costs. To learn more about how Alessa can help your organization ensure compliance to regulations, detect complex fraud schemes, and prevent waste, abuse and misuse, contact us today.