Americas Software Signs Contract to Install Anti-Money Laundering Software at Saudi Arabian Bank.Business Editors/High-Tech Writers MIAMI--(BUSINESS WIRE)--March 12, 2003 Americas Software today announced it has signed a contract to install its ASSIST//ck(R) anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. and regulatory compliance software at Banque Saudi Fransi, the fifth largest bank in Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. . With the installation of ASSIST//ck, Banque Saudi Fransi, an affiliate of Credit Agricole Indosuez, will automate the detection, investigation and reporting of money-laundering activities, and complement the bank's current control systems set in accordance with international regulations, including those issued by the Saudi Arabian Monetary Agency The Saudi Arabian Monetary Agency (SAMA), established in 1952, is the central bank of the Kingdom of Saudi Arabia. History At the time of its establishment, Saudi Arabia did not have a monetary system of its own. and the Saudi Arabian Ministry of Commerce. "We're pleased to work with Banque Saudi Fransi and introduce our technology to financial institutions in the Middle East," said John Daly John Daly is the name of:
About Banque Saudi Fransi Banque Saudi Fransi is a Saudi Arabian Joint Stock Company established June 4, 1977. It is affiliated with Credit Agricole Indosuez (CAI (1) (Computer-Assisted Instruction) Same as CBT. (2) See CA. CAI - Computer-Aided Instruction ), which holds a 31.1 percent equity interest. CAI is a member of the Credit Agricole Group, the largest retail bank in France, and among the world's top ten financial institutions by total equity. Banque Saudi Fransi provides all types of commercial-banking, investment and treasury services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as to both domestic and international customers. It operates through specialized lines of business based at its head office, at its three regional offices in Jeddah, Riyadh and Al-Khobar, and through 57 branches located in the major cities of the Kingdom. Banque Saudi Fransi's assets totaled $11.9 billion in 2002, a 12 percent increase compared to 2001. Net income reached $270.4 million, 20 percent better than the previous year. About Americas Software Americas Software, headquartered in Miami, develops markets and sells software that enables banks and other financial institutions to track, detect, investigate, report and manage suspicious activity, including money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. . The company's flagship product, ASSIST//customer-knowledge (ASSIST//ck), analyzes how money moves in, around and out of financial institutions by profiling account activities and monitoring transaction trends. The company's software, which also includes AFACS//Web, is currently installed at more than 95 locations in 23 countries. For more information, call 305/377-3502 or visit http://www.americasoft.com. |
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