Saudi Bank Inks Deal For Anti-Money Laundering Software

As American banks work toward compliance with the USA Patriot Act at home, international anti-money laundering regulations have financial firms outside the United States looking for technological help.

Banque Saudi Fransi, the fifth-largest bank in Saudi Arabia, has signed a contract with Americas Software for its anti-money laundering software. The Miami vendor's product will automate the detection, investigation, and reporting of money-laundering or suspicious activities.

Americas Software is among the dozens of vendors offering the financial-services industry automated suspicious-transaction detection and reporting solutions, as governments and international agencies continue developing regulations aimed at stopping terrorism supporters from using banks to funnel funds to terrorist organizations.