To help meet demands from Western banks to have robust sanctions, compliance and anti-money laundering (AML) safeguards, Banco Angolano de Investimentos (BAI) has implemented a more effective real-time screening solution to become a trusted correspondent banking partner in the Angolan market.
BAI, formed in 1996 and became the first private bank in Angola. They now have 144 branches operating domestically, while also growing an international presence, through BAI Europa and BAI Cabo Verde. Until recently, BAI used manual screening systems to identify and monitor suspicious activity relating to its customer accounts and transactions. Not only were they inefficient, but they exposed BAI to potential AML and counter-terrorist financing (CTF) risks, through human error and oversights.