ABN AMRO goes live with CBA's TDD available within IBAS

According to CBA’s officials, transaction due diligence represents a necessity for every bank, with it becoming a requirement for domestic and international regulators as the risk of being fined rises for financial institutions that do not spot suspicious activities. By leveraging IBAS to automate the transaction monitoring and compliance process, ABN AMRO’s operations staff can conduct their everyday tasks more confidently as unusual behaviour is being flagged, allowing them to demonstrate a full audit trail of all the due diligence activities that they previously undertaken.

Within IBAS, financial institutions can design and optimise their due diligence structure and associated rules, with them being able to cover both local and international regulatory requirements. When it comes to ABN AMRO Bank, IBAS is set to ensure that the bank meets Dutch laws, as well as all relevant global regulations to mitigate fraud and meet the demands of internal and external auditors.

The go-live of IBAS TDD follows a close collaboration between CBA and ABN AMRO Bank, with the two organisations signing a five-year agreement in 2023. In addition, the current move showcases ABN AMRO’s commitment to maintaining its position in the trade finance sector, with the bank planning to utilise IBAS’s optimised functionality, increased automation, and digitalisation capabilities.