Wynyard Group (NZX: WYN) has won a contract for its Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) software-as-a-service with NEC, a leading Kingdom of Bahrain exchange house.
Momentum continues to build in the Middle East for Wynyard as it signs NEC Exchange as its latest financial services company win in the Middle East and its first financial crime customer in the Kingdom of Bahrain.
NEC selected Wynyard Group to help it meet the stringent regulatory requirements set by the Central Bank of Bahrain. Failure to meet these complex regulations could mean halt in trading, reputational loss as well as tough financial penalties.
NEC Chief Executive, Mr. Fuad Nonoo said the NEC selected Wynyard Group because of its strong track record and robust AML/CFT software-as-a-service solution.
“Wynyard Group has a strong reputation of helping companies detect money laundering and financial crime.
“Wynyard demonstrates an in-depth understanding and knowledge of regulatory requirements in our region and we are confident we have selected the best partner to help us with our compliance needs.”
Wynyard Group chief operating officer Paul Stokes, said Wynyard won the contract ahead of major AML vendors in the region following an extensive selection process.
“We are delighted to be working with NEC to help the company meet its regulatory requirements with our advanced financial crime solution. We have a demonstrated history and significant expertise in anti-money laundering and continue to invest in our technology to help our growing customer base detect and report financial crime.”
Flexibility, ease of use and Wynyard’s financial crime solution comprehensive features were part of the reason Wynyard won the contract said NEC Head of AML, Mr Boby Antony.
“Wynyard’s case management, risk-based approach and features such as watch list filtering, rules engine, suspicious transaction report processing and transaction monitoring set its software apart from its competitors.”
Wynyard has a growing number of financial services companies in the Middle East using its financial crime solution including GCC Exchange and Transcash (Manayer Marketing Management).