Commercial Bank of Dubai selects Complinet Global Screening to protect business and customers against risk of fraud

The Commercial Bank of Dubai started out in 1969 as a joint venture between Commerzbank, Chase Manhattan Bank and the Commercial Bank of Kuwait. Today, it is a leading national public shareholding company with a reported record net profit of $163m (Dhs601m) in 2006.

Commercial Bank of Dubai has implemented Complinet Global Screening WorkStation, an on-premise application that enables retrospective and continuous monitoring of clients against a global database of sanctions, enforcements, blacklists and politically exposed persons.

The bank relies on the WorkStation solution to evaluate customers and businesses, and crosscheck information against legal sources, to ensure the bank is not at risk from fraud, money laundering or other illegal practices that may affect its regulatory compliance status. The solution provides the necessary safeguards and real-time information required for the bank's rigorous know your customer policies and processes. It is able to cope with the high volume of existing client data to be screened quickly and efficiently against a continuous flow of global sanctions and enforcement data. Complinet Global Screening WorkStation also guarantees a smooth and secure workflow, working within compliance procedures already in place at the Commercial Bank of Dubai.

All new customers are screened through the system and where necessary, information is enhanced manually, for example with data gathered from face-to-face client meetings. The monitoring is automated and continuous, with all client names checked against new enforcements or sanctions on a daily basis, with full audit trails. Alerts notify compliance managers if there is a change in status of client names against global watchlists, so the bank can apply its policies accordingly. The system will also be used to verify potential customers.

Mr Masood Safar Abdulla Al Majedi, head of compliance at Commercial Bank of Dubai, said:

"We use Complinet as a data source and as a reference check to ensure our business and existing customers are protected against the risk of fraud. The UAE is a magnet for international business, and this system ensures that if a potential customer is blacklisted or on a wanted list abroad, CBD will be notified. We chose this solution for the quality of the data, and the visibility and ready access of data this system provides."

"In UAE, the KYC responsibility falls on the banks. At CBD we have many corporate customers and Global Screening allows us to take the process one step further and know our customers."

Leas Bachatene, managing director at Complinet in Dubai said: "Dubai is the central axis for business throughout the Middle East. The Commercial Bank of Dubai is a testament to the potential for success that exists in this region. We are very pleased to be able to assist the company with its global compliance objectives."

Complinet's full Global Screening suite includes electronic identity verification, sanctions, watch and politically exposed persons list screening, adverse media searching and transaction monitoring. Solutions are delivered through secure online SaaS (software as a service), via powerful application software or through Complinet's expert in-house services.

Unlike less sophisticated solutions which force organizations to use multiple technology and data feeds for all their screening needs, Global Screening, supported by Complinet's intelligence and analysis services, offers efficient, cost-effective risk reduction services. It helps businesses in the financial services sector anticipate regulators' actions in order to make informed decisions about compliance.