Bermuda Commercial Bank has selected EastNets' anti-money laundering application to improve its compliance practices and strengthen its defences against financial crime.

The application, enSafeWatch Profiling will support BCB’s transaction monitoring initiative by serving as the bank’s central data processing, trend analysis and behaviour identification engine.

BCC serves commercial, corporate and high net worth clients, providing a range of banking, global custody, fund administration, trust, and corporate services. The bank has already been using EastNets' Filtering solution for regulatory lists screening, as well as its SWIFT reporting plug-in for FIN message monitoring since 2006.

"We have been very pleased with EastNets' enSafeWatch OFAC/Transaction Filtering application and SWIFT Alliance empowerment tools already being used in our bank, and were impressed with their latest offering," said Horst Finkbeiner, the bank's chief operating officer.

"The enSafeWatch Profiling solution can be implemented within a 2-3 month timeframe, and is extremely easy to use, flexible and configurable. The solution's unique approach to scenario building with out-of the-box standard scenarios, helps to reduce false positives and allows our compliance staff to be more productive and effective."

Over recent years international regulatory pressure on banks has greatly increased in a bid to curb money laundering and the financing of terrorism.  In response to the recommendations of Financial Action Task Force the Bermuda has been tightening its regulatory controls and anti-money laundering legislation.

EastNets provides anti-money laundering, payment and kiosk solutions, along with SWIFT connectivity and add-on services for financial institutions, corporates and government agencies around the globe. Over 250 clients across 80 countries currently use enSafeWatch.