Kuwait international bank improves financial crime prevention with Complinet
Complinet solutions improve accuracy of detecting fraud and reducing risk
DUBAI – November 3, 2009 – Kuwait International Bank, one of the leading Islamic banking institutions, has selected Complinet as part of their anti-money laundering and fraud prevention solution.
The Complinet sanctions, enforcements and politically exposed persons data feed integrates and automatically downloads into the bank’s AML system, improving their ability to detect money laundering and fraud, and reduce risk.
Leas Bachatene, ME and APAC Managing Director at Complinet, said, "I am confident that we are providing the Kuwait International Bank superior and accurate data that they can use to improve their service offering to their clients and reduce the risk to the bank."
Saleh Mattar Al-Enezi, Head of Anti Money Laundering Unit and Terrorist Financing at Kuwait International Bank said, "We selected Complinet as the provider of our data feed due to the accuracy, scope and coverage of sanctions, enforcements and PEP data. Prior to using the Complinet data feed, much of our work was done manually. Now we can save time and money by automating the process and improving the speed and accuracy in which we do business."
About Kuwait International Bank
On the first of July 2007, the Kuwait Real Estate Bank (incorporated in 1973) has been renamed to "Kuwait International Bank" to exercise its business as an Islamic bank. The Bank carries out all banking and investment transactions in compliance with the provisions of the Islamic Shari’ah and pursuant to the instructions and regulations issued by the Central Bank of Kuwait.
The Bank’s business covers all banking services, of which, acceptance of deposits, exercising various Islamic financing transactions, carrying out direct investment transactions, issuing letters of credit (LCs), letters of guarantee (LGs), incorporation of companies, management of properties to the account of third parties and the purchase of lands and real properties.
In its present capacity as an Islamic banking institution, the Bank provides its customers with Islamic banking transactions which cover several Islamic products and solutions, e.g., Tawaruk, Wakala in Investment, Murabaha (auto, real properties, and commodities) Lease-to-Own (Ijarah Muntahia Bittamleek), and Istisna’a.
At present, the Bank employs 487 staff and it has nine branches in all areas in the State of Kuwait.
About Complinet
Complinet is the leading online provider of connected risk and compliance solutions to the global financial services community.
Complinet's cost-effective range of services includes a 'complete' service that delivers insight and interpretation of regulatory risks and developments. Our portfolio also helps firms to screen their clients, manage their policies and train their staff.
Complinet was founded in 1997 and employs more than 200 people in its offices in New York, London, Sydney, Melbourne, Singapore and Dubai. Every day, industry professionals in more than 1,800 firms across 81 countries rely on Complinet as their information partner for ongoing analysis and solutions that help them keep pace with changing regulations.
