SOURCE: EastNets


February 17, 2009 08:30 ET

Bermuda Commercial Bank Expands Risk Protection With EastNets' Anti-Money Laundering Solution

NEW YORK, NY--(Marketwire - February 17, 2009) - EastNets, a leading global provider of compliance and payments solutions and services, announced today that Bermuda Commercial Bank (BCB) has selected its en.SafeWatch Profiling anti-money laundering solution to meet compliance regulations and boost defenses against financial crime. The application will serve as the central data processing, trend/pattern analysis and suspicious behavior identification engine supporting the Transaction Monitoring initiative at BCB.

Bermuda Commercial Bank, based in Hamilton, Bermuda, offers commercial, corporate, and high net worth individuals an array of banking solutions as well as a full range of global custody, fund administration, trust, and corporate services. Since 2006, BCB has been using EastNet's Filtering solution for OFAC, PEP and other regulatory lists screening, as well as its SWIFT reporting plug-in (en.Reporting) for FIN message monitoring.

"When the time came to strengthen our compliance practices we turned to EastNets to deliver an account and transaction monitoring solution that could meet our business needs and better protect our firm against transactional risk," said Horst Finkbeiner, COO, of Bermuda Commercial Bank. "We have been very pleased with EastNets' en.SafeWatch OFAC/Transaction Filtering application and SWIFT Alliance empowerment tools already being used in our bank, and were impressed with their latest offering. The en.SafeWatch Profiling solution can be implemented within a 2-3 month timeframe, and is extremely easy to use, flexible and configurable. The solution's unique approach to scenario building with out-of the-box standard scenarios, helps to reduce false positives and allows our compliance staff to be more productive and effective."

International regulatory pressures on banks to combat money laundering and terrorist financing have intensified at an unprecedented rate. Bermuda in particular has enacted stringent legislation to combat financial crime.

"Over the past several years, Bermuda has been enhancing its anti-money laundering legislation to meet the recommendations of the FATF and international anti-money laundering standards," said Hazem Mulhim, CEO of EastNets. "We are pleased that BCB has selected 'en.SafeWatch Profiling' from EastNets to help their financial institution improve risk protection against money laundering and terrorist financing, and to address these tightened regulatory controls."

EastNets' en.SafeWatch Filtering solution was ranked by the Celent analyst firm as a leading watch list filtering solution, used today by over 250 customers in 80 countries. EastNets is a SWIFT Certified Regional Partner for North America offering SWIFT business solutions and integration services.

About Bermuda Commercial Bank

Bermuda Commercial Bank (BSX: BCB) is a corporate and private wealth bank offering a range of financial services through its subsidiaries International Corporate Management of Bermuda, BCB Trust Company Limited, Bercom Nominees Limited and BCB (Mauritius) Limited. BCB is the only bank in Bermuda focused solely on commercial, corporate, fund, and high net worth individuals. BCB offers an array of banking solutions, as well as a full range of custody, fund administration and corporate services.

About EastNets

EastNets is a leading provider of global compliance and payment solutions and services with over 900 customers in 120 countries. Founded in 1984, EastNets has over 25 years of experience serving financial institutions, corporates and government agencies around the globe. EastNets provides anti-money laundering, payment and Kiosk solutions, and SWIFT plug-ins and services for SWIFT Connectivity. Through its outsourced fully-hosted Service Bureau, EastNets provides SWIFT connectivity and add-on services for over 200 financial institutions. For more information, please visit

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