LONDON and JOHANNESBURG, South Africa, Nov. 21 /PRNewswire/ -- Fortent,
a specialist in anti-money laundering, Know Your Customer, and fraud
detection technology, today announced that the Standard Bank of South
Africa Limited, the largest banking group in South Africa, has successfully
implemented Fortent's anti-money laundering (AML) system. Standard Bank is
the third bank in South Africa to select Fortent's AML system in the last
12 months, along with Nedbank and Absa. More than half of the world's top
banks employ Fortent's systems to fight money laundering and fraud.
In South Africa, the Financial Intelligence Centre Act 38 of 2001
(FICA) imposes requirements on banks and other institutions to introduce
anti-money laundering controls, including measures for customer
identification.
"Following an extensive period of due diligence, we concluded that
Fortent's technology was the most appropriate anti-money laundering
software solution for Standard Bank," said Nadia Hoff, the Standard Bank
Money Laundering Control Officer. "Being able to rapidly deploy Fortent's
software on time and to budget will enable us to comply with regulations."
"Standard Bank has built a strong reputation as an innovative and
dynamic financial services organization, and their home market is
experiencing a striking period of transformation in the regulatory arena,"
commented Robert Binney, Vice Chairman, Fortent. "By successfully deploying
our AML system, Standard Bank joins a rapidly growing list of banks around
the world that have adopted Fortent's technology to assist in the global
fight against money laundering and fraud -- and to make sure they are up to
the compliance challenge." He added, "Fortent has been involved in the
anti-money laundering community for over a decade, giving us a deep
understanding of regulatory issues all over the globe and allowing us to
develop the highest-level AML technology systems to address these issues."
About Standard Bank
Standard Bank Group is listed on the JSE Limited, share code SBK and
has a December year end.
Standard Bank is South Africa's largest banking group, ranked by assets
and earnings. Based in Johannesburg, the group delivers its services
through 746 branches in South Africa and 241 in the rest of Africa.
Standard Bank operates in a range of banking and related financial services
throughout the world, spanning 18 African countries and 21 countries
outside of Africa, including the key financial centers of Europe, the
United States, and Asia. It has been a leader in adopting banking
technology for the personal and business markets in South Africa. Standard
Bank's market capitalization at 30 June 2006 was R105 billion
(approximately $15 billion).
About Fortent
Fortent delivers enterprise-wide risk and compliance solutions to
financial institutions worldwide. With advanced monitoring and detection
systems that have been endorsed by the American Bankers Association,
Fortent provides anti-money laundering, Know Your Customer, and fraud
detection capabilities that can be integrated into existing business
practices. Fortent's experienced banking and regulatory professionals work
with regional, national, and global financial institutions to meet
regulatory requirements and implement compliance strategies to minimize
risk.
Fortent's clients include Absa, Commerce Bank, JP Morgan, Barclays,
Chevy Chase Bank, First Horizon National Corporation, First Hawaiian Bank,
Lloyds TSB, Nedbank, Societe Generale, The Bank of New York, The Royal Bank
of Scotland, Standard Bank, UBS, and Washington Mutual. Fortent has
headquarters in New York, with offices in Atlanta, Frankfurt, London,
Paris, San Francisco, and Sydney. For more information, go to
http://www.fortent.com .
For further information about Fortent or to speak with Robert Binney,
please contact Guy Tarring of Fortent (UK) at +44 7831 611598 or +44 20
7255 1065; Davia Temin or Suzanne Oaks of Temin and Company (U.S.) at +1
212-588-8788 or news@teminandco.com.
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