Mercury Payment, Arion Bank select Fiserv AML and risk management services

Mercury Payment Services and Arion Bank will implement the solution to address the four essential areas of an AML risk management program, including KYC requirements; monitoring, detection and alerts; case management; and reporting.

Fiserv will manage the solution end-to-end, including the administration of watch lists and sanctions screening. The fact that AML Risk Manager can handle large transaction volumes and is compliant with UAE Central Bank guidelines were important considerations for Mercury.

Mercury is the domestic payment scheme of the United Arab Emirates (UAE) offering locally relevant payments solutions. They enable member institutions to issue cards under the Mercury brand that function securely at ATMs and merchant outlets across the UAE.

Arion Bank is a universal relationship bank operating in the Icelandic financial market, providing services to corporations and individuals. The Bank operates a number of branches across Iceland, a customer service centre, and offers online and mobile banking, which provides a wide range of self-service options.