“With money laundering and economic crime on the rise, regulatory bodies are requiring more stringent control over systems and policies in order to fight these illegal operations,” said Khaled Faraj Sa’eed, Managing Director and General Manager of ITS. “The combined ITS and NetEconomy ERASE Financial Crime Suite solution offering uniquely addresses and satisfies the local regulatory requirements and challenges financial institutions face within the Middle East.”
“There is a huge opportunity for growth in this region as fewer than 5% of banks leverage technology to detect or report money laundering activity,” said Mohammad Zaki, Assistant Director General for Sales and Marketing of ITS. “Regional regulatory pressures as well as those imposed by world banks doing business with Arab banks are fueling adoption of technology to effectively manage, mitigate and report money laundering activity. The ITS/NetEconomy strategic partnership delivers a highly reliable, proven, and robust solution uniquely certified for Middle East regulations and policies.”
“We are pleased to be working with ITS, a clear market leader with an exceptional track record of delivering successful implementations to Middle East financial institutions,” said Peter Steendijk, Sales Director Middle-East, NetEconomy. “Financial institutions including Oman Arab Bank are already implementing the ERASE Financial Crime solution with local support provided by ITS. Our combined offerings have created a truly unique opportunity for all financial institutions in the region to implement a complete, cost-effective financial crime monitoring system.”
About International Turnkey Systems
International Turnkey Systems (ITS) is a leading solutions provider with an established presence in the Middle East and Africa. Incorporated in 1981, ITS has been the pioneer in information technology in the Gulf region for more than two decades. ITS offers solutions for Banking and Finance, Telecommunications, ERP, CRM, E-business and Networking -- with the largest market share at 65% in banking markets and Islamic financial institutions. With our pool of 750 highly qualified and skilled IT professionals spread across 13 offices in the region, we ensure that every challenge has a solution, be it enhancement of revenues or reduction in costs. Visit www.its.ws for more information.
About NetEconomy
NetEconomy, founded in 1993 and owned by Cazenove Private Equity (CPE), is the global leader in delivering real-time enterprise software solutions to financial institutions for monitoring transactions to prevent, detect and manage financial crime, including money laundering, fraud, and market abuse. NetEconomy brings business value to its global customer base by minimizing business and regulatory risk, increasing profitability, and protecting corporate brand/reputation. NetEconomy is headquartered in The Hague, with offices in Boston, London and Kuala Lumpur, and distributors and strategic partners across South Africa, Middle East, Caribbean, Europe, South (East) Asia and the United States. For more information visit www.neteconomy.com.
