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First Gulf Bank selects InfrasoftTech for its Anti Money Laundering solution

United Arab Emirates: Wednesday, April 05 - 2006 @ 14:19

The product provides for an enterprise wide Anti Money Laundering (AML) system with proven technology and a rapid deployment methodology. It has been provided through IMTAC, the region’s leading software provider.

The AML system enables the bank to automate workflows in the compliance area and better monitor transactions using the business intelligence technology. The deployment of the system marks an important step in FGB’s ongoing technology advances.

Mr. Hanuman Tripathi, Managing Director, Infrasoft Technologies said, ‘We are delighted to add FGB to our growing list of clients. We are proud to be associated with a bank, which is recognized as the leading innovator in the financial services market in UAE. We also consider this opportunity to work with FGB as an endorsement of InfrasoftTech’s ability to deliver an international quality product in a fast track project.”

Mr. Ashok Sardiwal, CEO of IMTAC, said, “This is a landmark project for IMTAC and InfrasoftTech as we foresee the financial services industry in Gulf Co-operation Council (GCC) as one of the key growth sectors. Our partnership with InfrasoftTech and the successful completion of the AML project reaffirms our commitment to a long term partnership with First Gulf Bank to continuously deliver value to the organization.”

On this occasion, Mr. Andre Sayegh, Acting Chief Executive Officer of the bank said,

“FGB has always remained in the forefront of adopting measures to create a more secure financial system in UAE and we are proud to be one of the first banks in the UAE to have completed a roll out of an AML system.”

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Wednesday, April 5- 2006 @ 14:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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