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ABN AMRO Bank, the third-largest Dutch bank, has gone live using Commercial Banking Applications AS (CBA)’s IBAS transaction due diligence functionality, to help combat financial crime and ensure full regulatory compliance.
CBA’s IBAS GBF – Global Banking Factory, the platform underpinning this implementation, is a software solution designed to streamline and automate end-to-end banking processes. The ABN AMRO Bank worked with CBA to apply this software across its global trade finance operations.
To enhance the bank’s capability to combat financial crime, satisfy internal and external audit requirements, and ensure regulatory compliance, the software includes:
- Automatic monitoring: Tracks all trade finance transactions for suspicious activity.
- Customisable rules: Allows banks to design and optimise due diligence structures.
- Regulatory compliance: Meets both local and international regulatory requirements.
- Audit trail: Provides a complete record of all due diligence activities.
- Flexibility: Can be used alongside various IBAS banking products.
Frans Westdorp, Product Owner of Trade Finance at ABN AMRO Bank, said, “There are lots of new requirements and demands on the trade finance industry for which we have relied on our close partnership with CBA in evolving IBAS.
“By automatically monitoring all trade finance transactions for consistency against historical information, we can quickly flag up anything suspicious that requires investigation and show a complete audit trail.”
The implementation follows a five-year agreement signed between CBA and ABN AMRO Bank in 2023, reflecting the bank’s commitment to innovation in trade finance.
This partnership between ABN AMRO Bank and CBA represents a significant step towards enhancing compliance and risk management in the trade finance sector, setting a precedent for other financial institutions facing similar regulatory challenges.
Rolf Hauge, CEO of CBA, said, “Transaction due diligence is something every bank will need in the future as requirements from domestic and international regulators increase. ABN AMRO Bank is forward-thinking in using IBAS to automate the transaction monitoring and compliance process.”
