Mexico's Compartamos Banco has implemented the Mantas anti-money laundering (AML) system from newly-named Oracle Financial Services Software.
Compartamos Banco specialises in microfinance and claims to be the biggest micro lender in Latin America. The bank has over a million customers in rural and semi-urban areas of Mexico.
Oracle says the Mantas technology will provide the bank with comprehensive, enterprise-wide surveillance of customer accounts and transaction information to alert supervisors to suspicious behaviour.
The system analyses every transaction and generates risk-based alerts to help detect fraudulent transactions.
Jaime Juárez Ramírez, chief of compliance officer, Compartamos Banco, says: "With most of our transactions in cash, we have to address the possibility of money laundering and as a bank we must report suspicious transactions to the authorities. It was essential for us to have in place an efficient AML system and Oracle Mantas AML is best suited for our requirements."
Oracle Financial Services Software - formally i-flex solutions - bought US-based Mantas for $122.6 million in 2006.