Elam introduces tech to curb financial crimes

Kathmandu, Feb. 3: ELAM Pvt. Ltd. has partnered with the FICO, analytics software multinational, to introduce advanced banking technology with the target to curb financial crimes in Nepal.

Chief executive officer of ELAM Anil B. Gajmer said they were launching a software as a solution for effective anti-money laundering governance, white-collar crime and compliance management practices in Nepali banking and financial sector.

"The software is compatible with the core banking software that banks are using currently, and banks are excited and positive," he said.

He also informed that as the cost was the major concerns of the banks, the company had been trying to find solutions whereby the technology could be offered in cheaper price.

"Nepal's central bank, the Nepal Rastra Bank (NRB), believes that overall governance and risk management should continue to be enhanced. It has identified money laundering, white-collar crime and compliance as the key issues to be addressed. Therefore, our technology is solution to these maladies," said Gajmer.

On the occasion of signing contract, the two companies organized a national banking symposium on financial crime in collaboration with the Nepal Bankers' Association (NBA) and Dow Jones.

 "There is clear evidence that economic and financial crimes are some of the fastest growing offences globally. It is imperative that we match the technologies of sophisticated organized criminal groups, with advanced analytics to help banks closely monitor the vast volume of financial transactions they handle on a day-to-day basis," a joint statement issued by ELAM and FICO quoted NRB governor Dr. Chiranjivi Nepal.

Asia Pacific Financial Crime Solutions director at FICO Timothi Choon said that Nepal had been actively pushing banks and financial institutions to deal with the growing number of financial crime cases.
"The Money Laundering Punishment Act and the central bank's call on lenders to invest further in staff training are clear signs that Nepal is committed to address the issue," he said.

Vice-president for Compliance Solutions at FICO Torsten Mayer said that they would localize their solution to ensure it was just as effective in Nepal as it was globally.