Cargills Bank once again demonstrates its strong corporate governance and compliance posture with the recent implementation of a leading Anti-Money Laundering (AML), Anti-Terrorist Funding (ATF), Know Your Customer (KYC), and FATCA system. This system further strengthens the bank’s already stringent compliance processes.
Money laundering is the process by which the illegal origin of wealth is disguised by individuals to attempt to avoid law enforcement authorities. Money laundering undermines confidence in the financial system, and there is a clear responsibility on banks to have strong AML capability.
Terrorist financing is a threat to national security and regional stability. The increased flow of cross border payments and adoption of digital payments requires banks to have real-time verification systems.
“Our speed of detection and response has been enhanced with this implementation. We are able to scan in real-time, transactions flowing in and out as well as within accounts at Cargills Bank. Alerts are generated when unusual account behaviour is detected. Our stakeholders can be proud to be associated with Cargills Bank, knowing we adhere to the highest standards of governance and compliance,” said Cargills Bank Compliance Officer Summaiya Macan Markar.
Cargills Bank teamed up with South Asian Technologies, a Colombo based Systems Integrator and their principal software provider Quantum Data Engines (QDE) from India to configure and deploy the Compass Anti Money Laundering Suite.
South Asian Technologies COO Feroze Kamardeen highlighted that the Compass system was implemented within 60 days and complimented Cargills Bank, Quantum Data Engines (QDE), and SAT on their close teamwork and professionalism. Cargills Bank is a full service commercial bank providing a comprehensive portfolio of products and services to support personal and business banking needs from Debit Cards, Flexible Loans, Current and Savings accounts, Fixed Deposits, Trade Finance, Treasury services, and Online Customs Duty payments.
The bank provides unparalleled customer convenience through an array of digital banking services including Send Cash using Mobile Banking. The unique Cargills Cash Savings Account allows customers to withdraw and deposit cash at over 320 Cargills Food City outlets island-wide, that are open from 8 a.m. to 10 p.m., 365 days of the year.
Cargills Bank’s Head Office is in Colpetty with branches at Maitland Crescent, Maharagama, Old Moor Street, Kandy, Peradeniya, Nuwara Eliya, Thanamalwila, Matara, Galle, Kurunegala, Vavuniya, Chunnakam, and Jaffna.