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Al Rajhi Capital Selects Complinet Anti-Money Laundering, Financial Crime Solution

Al Rajhi Capital, the investment banking subsidiary of Saudi Arabia-based Al Rajhi Bank, has selected Complinet, a provider of connected risk and compliance solutions, to provide transaction monitoring solution.

Mohammad Al Monajamm, chief compliance officer at Al Rajhi, said: “We wanted a full end-to-end anti-money laundering (AML) solution that will ensure we are providing best practice compliance, anti-fraud and financial crime prevention practices – and we now have it – with Complinet’s Global Screening TransWatch and Workstation solutions, and including AML and fraud e-learning courses.”

Alex Oliveriraam, head of IT and operations at Al Rajhi, said: “With more than 120 pre-built and pre-tested detection rules provided as a standard, with TransWatch we can rapidly deploy the product and get our teams up and running – immediately.”

Leas Bachatene, ME and APAC managing director at Complinet, said: “This prestigious banking institution joins our list of GCC clients that are taking advantage of Complinet’s cost-effective, efficient and highly scalable range of Global Screening and e-learning solutions. With TransWatch firms can ensure that they are securely monitoring their client’s transactions in weeks not months, whilst maintaining the highest regulatory standards.”