Commercial Bank of Dubai has implemented Complinet Global Screening WorkStation, an on-premise application that enables 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.
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, Commercial Bank of Dubai will be notified. We chose this solution for the quality of the data, and the visibility and ready access of data this system provides.
