International Turnkey Systems (ITS) launches landmark money laundering prevention road show

ITS emphasized its specialty systems that are effectively implemented for the prevention of money-laundry, and certified EMV credit cards.

According to Haitham H. Abdou, Manager of Banking Marketing and Product Development at ITS, recent surveys carried out on the region's banking and financial service sector indicate that less than 5 percent of banks and financial establishments in the Middle East have deployed preventive electronic systems and technological programs capable of preventing money-laundering conspiracies.

"This alarming situation means that literally hundreds of banks and finance houses across the region are vulnerable to money laundering activities," he said. "The need for preventive systems is acute, particularly given that the deployment of anti-money laundering systems will soon become a requirement imposed by international banks on the region's banking system."

Abdou added that the symposia ITS recently hosted attracted large audiences composed of senior executives from central banks and leading private banking and financial institutions, reflecting the importance of money laundering issues across the industry. He said that the aim was to introduce officers in the financial and banking service sector to innovative preventive solutions developed by ITS to protect the banking and financial sector from the scourge of money laundering.

Abdou announced that ITS recently formed an alliance with Net Economy, one of the world's largest organizations specializing in solutions combating illegitimate financial transactions. The solutions developed by ITS cover electronic surveillance technologies designed to monitor and oversee monetary transfers and other financial activities and uncover suspicious financial transactions. The solutions have been designed to provide global technologies adapted to regional and domestic requirements.

The ITS Symposia also introduced critical solutions for electronic payment systems, developed in collaboration with HPS, a leading specialist in the field. Abdou stressed that all regional banks and financial institutions need to ensure that their payment card products, either ATM, credit or debit, are compatible with recently-deployed EMV systems, the key attribute of which is Smart Card Technology. This revolutionary development replaces the magnetic strip found on the back-side of various kinds of payment cards with a microchip which optimizes memory and dramatically enhances security.

Abdou stressed that banks that do not upgrade their systems to conform to Smart Card technologies will find themselves isolated from the international banking industry, with the obvious adverse impact on business.

"International Turnkey Systems brings two decades of experience in providing turnkey IT solutions for the financial and banking sector throughout the Gulf region," he said. "We believe these symposia will help the financial services sector and banking industry stay current with leading-edge developments in the global banking and financial sector."