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, announced that Korea Exchange Bank, the country's largest foreign exchange bank, has purchased the Mantas Anti-Money Laundering Solution. Mantas was selected because of its reputation and expertise in designing solutions to meet global regulatory demands.
Korea Exchange Bank sees Mantas as a comprehensive AML solution designed to meet upcoming Korean AML regulations as well as enable the bank to expand its international business in Asia, Europe, and the U.S. In the super-charged competition for market share, institutions simply cannot risk the damage to reputation and client trust that result from financial abuse and illicit activity.
"Korea Exchange Bank's requirement to meet local and global AML regulations is indicative of a growing customer segment we serve. Big multinational institutions like Citibank, Credit Suisse, and ABN Amro have been using Mantas AML for several years because we provide a platform approach and offer multiple products, as well and analytics, data mining, and intelligent technologies. The Mantas platform, with its proven ability to meet global regulatory demands and strong double-byte enablement purpose- built to serve the demands of an Asian bank, provides unparalleled ability to future-proof their compliance initiatives and grow their business," said S. Ramakrishan, CEO for Mantas and Reveleus.
In addition to Korea Exchange Bank, Mantas has seen an increase in new AML customers including FirstBank of Nigeria, that country's largest bank; Habib Bank Ltd., the largest bank in Pakistan; and others.
Mantas Anti-Money Laundering mitigates risk with comprehensive, enterprise-wide surveillance of customer, account and transaction information to alert supervisors to suspicious behaviors. The system's unique ability to analyze every transaction and generate risk-based alerts of suspected money laundering activities allows Anti Money Laundering and compliance officers to distinguish fraudulent from legitimate transactions.