i-flex Solutions Ltd has announced that Mantas Inc., a business of the Company and a provider of regulatory compliance, loss prevention and revenue generation solutions, on March 29, 2007 has announced that FirstBank of Nigeria (FirstBank), that country's largest bank, will implement Mantas ONETM for its anti money laundering (AML) and future compliance programs. FirstBank of Nigeria is the largest financial services group in sub-Saharan Africa, and has distinguished itself as a leading financial institution and a major contributor to the economic advancement and development of Nigeria.
FirstBank needed a platform that would help keep pace with the bank's rapid economic growth and demonstrate the best ROI. FirstBank selected Mantas ONE because of its award-winning combination of Fraud and AML solutions and Mantas for its ability to scale according to both business and regulatory changes, and its local presence to assist with implementation.
The decision is also a response, in part, to Nigeria's Economic and Financial Crime Commission (EFCC) regulatory body, which has been encouraging financial institutions to adopt automated surveillance scenarios to put a stop to financial crime.
"Financial institutions of all sizes around the world are looking for enterprise-wide solutions that address current and evolving regulations regarding broker surveillance, trading compliance, anti-money laundering and other crucial purposes," said S. Ramakrishnan, CEO, Mantas. "With Mantas ONE, we've incorporated years of experience and leadership based on our award-winning Mantas Behavior Detection Platform, which is designed to adapt to new regulations and threats - and that's a key factor for many clients."