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Bermuda Commercial Bank selects Mantas' anti money laundering solution; follows last week's announcement about First Curacao Internaitonal Bank

Bermuda Commercial Bank, a Bermuda bank primarily focused on serving the international business community, today selected Mantas, Inc. as the platform for its anti money laundering and future compliance programs, particularly because Mantas has the ability to scale according to both business and regulatory changes.

Last week, First Curacao International Bank N.V. also selected Mantas for its anti money laundering and future compliance programs.

Anti money laundering procedures, including software and “know your customers” policies, is seen as the “front line” in tracking, investigating and stopping suspicious financial transactions used by terrorists and drug traffickers to finance their illegal operations. 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.

Although historically, anti money laundering and fraud detection had been problems that concerned only the largest global banks. Today, however, regional and community banks are being held to the same regulations, risks and exposures as multi-national financial firms and must balance that demand against significantly reduced resources. Increasingly, regulators are looking to the regional banks to ensure that their compliance can address the challenges of global money laundering. And, of course, as regional and community banks are now realizing, addressing the challenge of AML and fraud is a challenge unto itself. The same solutions that the global banks use don’t always fit the needs of regional and community banks.

To that end, earlier this month, Mantas also announced Mantas ONE, is a cost effective AML and fraud detection product and services offering specifically designed for regional, small- and mid-sized financial institutions. Mantas ONE not only addresses current regulations, but also gives these institutions the flexibility and scale to adapt to rapidly changing business and regulatory requirements.