Case Study: African Bank achieves AML/CFT compliance in 3 months with FICO TONBELLER

African Bank overcomes regulatory challenges in only 3 months and complies with AML/CFT standards

African Bank, a South African commercial bank with more than 4,000 employees and 395 branches, needed to rapidly replace an inadequate AML system after regulatory review exposed major gaps in its anti-money laundering and counter-terrorism financing capabilities. With pressure from the curator and regulators, the bank had to improve customer due diligence, screening, and compliance without slowing onboarding or harming customer experience. FICO TONBELLER provided the integrated Siron solution to address these needs.

FICO TONBELLER implemented Siron®RAS for risk assessment, Siron®KYC for customer due diligence and real-time screening, Siron®AML for ongoing transaction monitoring, and later Siron®RCC for reporting and case oversight. African Bank went live in about three months, improved data quality, reduced fraudulent applications, achieved a single view of the customer, and increased productivity through automated workflows and reports. The bank also reported very low false alarms and near real-time screening responses of 3 to 5 seconds, helping it meet AML/CFT requirements and file more suspicious transaction reports.

African Bank

Lawrence Muravha

Head, Anti-Money Laundering and Financial Crime