ABN AMRO Bank taps CBA for transaction due diligence software

By Gloria Methri

Commercial Banking Applications has announced that ABN AMRO Bank has gone live with CBA’s Transaction Due Diligence (TDD) functionality.

The ABN AMRO 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 detect any unusual behaviour immediately, helping to combat financial crime and ensure full compliance with national and international regulations.

Frans Westdorp, Product Owner of 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 of CBA, said, “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 global regulations, 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, which was established in 2023 following the signing of a five-year agreement. Built using an object-oriented architecture, IBAS TDD can be used alongside any IBAS banking product, including Trade Finance, Payments, Lending, Factoring & Invoicing and Account Management.