Mantas, Inc., a leading global provider of advanced solutions for compliance and risk management including anti-money laundering (AML), broker and trading compliance, fraud detection, and operational risk analysis, today announced its partnership with Habib Bank Ltd., the largest bank in Pakistan. With an extensive network of 1,425 domestic branches and 55 international branches, Habib Bank plays an important role in Pakistan's financial and economic development.
Pakistan is in the process of modernizing laws governing the countryâs financial sector. But the agreement comes before the proposed Banking Act, 2006, which includes new provisions to combat financial crime, has been enacted.
Previously Habib Bank used separate business unit solutions and manual processes to identify suspicious activity. However, the bank decided it needed a more sophisticated, robust and comprehensive platform to address regulatory compliance, protect its customers and brand, and prevent operational losses stemming from financial crime. Having evaluated different solutions, Habib Bank chose Mantas ONE to address their compliance and risk management needs in a rapidly deployable and cost-effective manner.
âTo continue to build on our position as a globally recognized financial institution, we sought an enterprise approach to anti-money laundering.
We chose Mantas because it is a proven product, and is able to cover a large number of subsidiaries and jurisdictions. Mantas also has worldwide brand recognition, an excellent implementation track record and is price-competitive. With this choice, we are confident we have selected the very best solution to augment our efforts in combating financial crime,â said Mudassir Khan, Senior Executive Vice President & Chief Compliance Officer, Habib Bank.
âWeâre seeing a tremendous interest from small-to medium sized banks across the world that wish to deploy the most acknowledged solution to combat financial crime. This plays a part in their strategy to continue to grow their business. But our clients also choose Mantas because they want a solution that can help them meet ever-evolving risk and compliance requirements as well as improve corporate governance and performance throughout their organizations,â said Simon Moss, CEO, Mantas.
Mantas Behavior Detection Platform
The Mantas Behavior Detection Platform is the industry's most comprehensive solution for avoiding risk, exceeding regulatory requirements, and enhancing customer relationships. Mantas analyzes the behavior of customers, employees, and partners in every transaction across the enterprise, from every angle â past, present, and future â empowering companies to act with precision and confidence. Mantas creates transparency, increasing a financial institutionâs ability to understand and manage its business and identify risks and opportunities.
Transparency, trust and operational excellence have been proven keys to retaining customers and growing market share.