FTSL implements ‘Trade Compliance Navigator’ at Samba Bank

KARACHI: Fintech Transformation Services (Pvt) Limited (FTSL) announced the successful implementation of their innovative TBML compliance solution, the Trade Compliance Navigator (TCN), at Samba Bank Limited in Pakistan.

Designed and developed collaboratively by a team of seasoned experts in banking and technology from FTSL and Bank T&D Consulting Limited, TCN transcends conventional applications – it is a game changer! With top-notch technology and exceptional functionality, TCN provides an end-to-end automated solution for TBML compliance. Leveraging international trade data from S&P Global Market Intelligence and various other sources, TCN equips Samba Bank to effectively adhere to complex regulations governing Trade-Based Money Laundering (TBML), safeguarding its customers from financial crime.

During a recent launching ceremony held at Samba’s office in Karachi, the Bank’s Group Head of Operations & Technology, Imran Kazim shared his thoughts about TCN:

Samba Bank’s strategic vision prioritized achieving full compliance with the extensive SBP framework requirements.

To navigate this, we sought an automated solution for robust Trade-Based Money Laundering (TBML) risk management. This envisioned cutting-edge software, co-designed with subject matter experts, to leverage our existing systems and processes for optimized operational efficiency.

The TCN team delivered on our vision through their innovative solution, incorporating state-of-the-art technology like Robotic Process Automation (RPA) and an expansive data library. This enables multi-dimensional price assessment at your fingertips, leading to substantial time savings. Additionally, the price assessment function offers a unique dual search capability, allowing queries by both HS code and commodity description.

We have reaped significant benefits from TCN’s continuous refinement, offered as a subscription service. This model ensures ongoing access to the latest techniques and processes, keeping us at the forefront of TBML compliance advancements.

We extend our sincere appreciation to FTSL and look forward to a continued, mutually beneficial partnership.

The CEO of FTSL, A R Nasir Qureshi iterating the company’s commitment for continuous improvement, said, “We are thrilled to announce the successful deployment of the Trade Compliance Navigator (TCN) at Samba Bank. Pakistan sets the gold standard in combating Trade Based Money Laundering (TBML), and conquering this challenge was no small feat. With our dedicated team of industry-leading experts at the helm, we have designed and deployed an innovative system that meets the exacting compliance standards mandated by the State Bank of Pakistan.”

“Our heartfelt thanks go out to the Samba team, whose unwavering support and invaluable feedback have been instrumental in shaping TCN into the top-tier solution it is today. But this is just the beginning as we celebrate this milestone in our ongoing journey, we are also looking ahead. Our strategic roadmap is fully focused on the evolving needs of the financial services sector, and we are excited to introduce even more ground-breaking features and innovations to TCN in the months ahead. We are confident that with TCN, we will reshape the future of TBML compliance.”

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