Norwegian software vendor Commercial Banking Applications AS (CBA), today confirmed that ABN AMRO Bank has gone live using the comprehensive Transaction Due Diligence (TDD) functionality now available within CBA’s IBAS GBF - Global Banking Factory. The ABN AMRO Bank team worked closely with CBA to develop the TDD capability which the bank is now actively using across its global trade finance operations to monitor transactions and flag suspicious activity. The solution enables the bank to immediately detect any unusual behaviour, helping to combat financial crime and ensure full compliance with national and international regulation.

Frans Westdorp, Product Owner Trade Finance, ABN AMRO Bank said: “There are lots of new requirements and demands on the trade finance industry for which we have relied on our close partnership with CBA in evolving IBAS to meet the constant changes and complexity inherent in this area of our business. By automatically monitoring all trade finance transactions for consistency against the historical information available for each customer and counterparty within IBAS, we can quickly flag up anything suspicious that requires investigation and show a complete audit trail for each transaction every step of the way.”

Rolf Hauge, CEO, CBA said: “Transaction due diligence is something every bank will need in the future as requirements from domestic and international regulators increase and the risk of being fined rises for banks that fail to spot suspicious activity. ABN AMRO Bank is forward-thinking in using IBAS to automate the transaction monitoring and compliance process. This allows bank operations staff to act with confidence in the knowledge that anything unusual is being flagged up to them and that they will be able to demonstrate a full audit trail of all the due diligence activities that they have undertaken.”

In IBAS, banks have the flexibility to design and optimise the due diligence structure and associated rules for themselves – covering both local and international regulatory requirements. In ABN AMRO Bank’s case this helps ensure they meet Dutch regulatory requirements, together with all relevant international regulations in order to mitigate against fraud and suspicious activity and meet the requirements of all internal and external auditors.

The successful go live of IBAS TDD builds on the close partnership between CBA and ABN AMRO Bank following the signing of a five-year agreement between the two organisations in 2023. It also encapsulates ABN AMRO Bank’s ambitions to maintain its position as a leading and innovative player in trade finance by leveraging IBAS’s sophisticated functionality, high levels of automation and digitalisation. Both parties are committed to continue collaborating and innovating in the automation and digitisation of trade finance processes.

Built using an object-oriented architecture, IBAS TDD can be used alongside any IBAS banking product – including for Trade Finance, Payments, Lending, Factoring & Invoicing and Account Management.