CAC Bank implements anti-money laundering solution to prevent illegal financing activities across Yemen

SAS partners with ITS and DataGear to implement Arabic & English AML solution within CAC Bank

The Cooperative & Agricultural Credit (CAC) Bank, a Yemen-based financial institution, is one of the first financial institutions in the country to take the necessary steps in combating money laundering and terrorist financing by partnering with SAS®, the leader in analytics, to deploy anti-money laundering (AML) solutions across all of its branches.

CAC Bank has implemented SAS Anti-Money Laundering solution to comply with the Central Bank of Yemen’s significant efforts to implement stricter AML and counterterrorist financing (CTF) regulations through a risk-based approach of monitoring transactions for illicit and fraudulent activities within large data volumes. Using high-performance analytics, SAS Anti-Money Laundering solution collects information and instantly conveying it into real intelligence that alerts investigators and authorities.

“It is encouraging to know that despite the current situation in Yemen, the Central Bank is continuing its battle against money laundering and terrorist financing by enhancing the framework of AML within the banking and finance sector in the country,” said Ibrahim Nijad, CEO Deputy Assistant, Banking Operations, CAC Bank. “We are committed to upholding our credibility by providing the best services to our customers, and with SAS Anti-Money Laundering solution, we can automatically identify and classify suspicious banking transactions.”

SAS has partnered with ITS, a leading integrated information technology solutions and software services provider, and DataGear, a software & services provider specializing in the field of Business Intelligence (BI) and Enterprise Data warehousing, to successfully implement the AML solution within the CAC Bank’s central mainframe and to its branches across Yemen.

“AML has become a major compliant solution among global and regional banks and financial organizations. Currently, SAS has implemented our AML solution across 21 banks in the Middle East and top tier banks rely on us for a safety net for any suspicious transactions between individuals and companies,” said Marcel Yammine, Gulf and Emerging Markets (GEM), SAS. “We are pleased to partner with ITS and DataGear to provide CAC Bank with a world-class AML solution integrated within their banking system to assist in detecting and flagging illegal activities, minimising false positives and reporting them in a timely manner.”

The SAS Anti-Money Laundering solution is available in both English and Arabic languages, which uses multiple detection methods to monitor more risks in very large data volumes, in less time.

“We have provided core banking solutions to CAC Bank over the years and by partnering with SAS, we are able to help them enhance their services by incorporating SAS Anti-Money Laundering solution. Our on-the-ground relationship with CAC Bank also allowed us to offer strategic support with the bank’s AML activities,” said Ramy Fouda, Regional Director - Gulf Region, ITS.

Ahmed Elsonbaty, Professional Services Manager, DataGear said; “DataGear and SAS bring perfectly blended tools and expertise that will enable CAC Bank to optimally understand and utilize the power of data in both English and Arabic languages. The successful implementation of SAS Anti-Money Laundering solution at CAC Bank was managed by our highly skilled bilingual team in Yemen.”

CAC Bank is a financial institution that provides a wide range of banking services to individuals and corporate clients. CAC Bank offers corporate banking services including retail banking and has a special role in the development of Yemen’s agricultural and fishery sectors by providing agricultural banking services that include long, mid and short term loans.

About CAC Bank

Cooperative & Agricultural Credit Bank provides agricultural, corporate, and retail banking services in Yemen. It provides long, mid, and short loans for agriculture. The company offers retail services, including current and saving accounts, retail credit programs, deposits, money transfer services, and other services; and corporate services, such as corporate current accounts, letter of guarantee, fixed term deposits, trade services, and contractors’ services. It also provides money transferring, A.T.M, point of sale, CAS card, and SMS services.

About ITS

ITS is a leading integrated information technology solutions provider, offering cutting-edge solutions for numerous valued clients in the Middle East, North African, and East Asian regions, as well as the Caribbean, through our resource pool of over 1,500 skilled IT professionals based in 14 offices worldwide. At ITS, we are proud of our long and successful track record since our establishment in 1981. For more information on ITS, please see: www.its.ws.

About DataGear

DataGear was found in 2007 as a privately held company headquartered in Cairo, Egypt and operational in North Africa and Arabian Gulf. Different projects in with major Telco Operators, Government and Large Banks are being implemented. DataGear offices will soon be operational in the Middle East, Africa and European countries. For more information, please visit www.datagearbi.com.

About SAS

SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 83,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.

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