Other banks in the Asian and Australasian markets will take similar measures to comply with national legislation, but also with international initiatives such as the Financial Action Task Force reinforced by peer group pressure. New Zealand has already introduced its own legislation concerning anti-terrorist and criminal financing.
Says Peter Thomas, Head of International Operations, Westpac NZ, "We are committed to being a leader in the area of suppression of terrorist financing. As a result of legislative changes in New Zealand, and the increasing requirement to comply with global standards published by FATF (Financial Action Task Force), Westpac NZ have taken the initiative to introduce automated tracking software to protect the bank and its customers from any potential terrorist financing. Westpac wanted an application that would protect its financial markets and international payments business, be easily integrated in to its infrastructure and be robust enough to meet local and legislation, both today and in the future."
"As a result, we purchased Midas Compliance Watch to add to our suite of other Midas products. We selected this system because it was easily integrated into our infrastructure and Misys has a proven track record delivering leading edge technology to Westpac. We have been extremely happy with the implementation of Midas Compliance Watch, which is now fully operational and positions Westpac at the forefront of anti-terrorist financing in the New Zealand market."