NEW YORK, NY and DUBAI, UNITED ARAB EMIRATES--(Marketwire - Oct 25, 2012) - EastNets, a leading provider of global compliance and payment solutions and services, will discuss how to achieve better 'False Positive' detection rates in the course of preventing financial fraud at SIBOS 2012, the upcoming latest edition of the world's premier financial services event.
Financial institutions use various detection strategies to identify suspicious transactions as they ramp up efforts to comply with a host of regulatory requirements. Unfortunately, aggressive anti-money laundering (AML) schemes can also lead to unacceptably high levels of False Positives -- the incorrect identification of legitimate transactions as threats.
EastNets will discuss how financial institutions can optimize the use of available False Positive Reduction mechanisms and regularly tune their AML systems during a special Open Theatre presentation titled 'False Positive Reduction Mechanisms: Put an end to the Nightmare.' Nasser J. Sweileh, Senior Product Manager - Compliance at EastNets, will deliver the presentation during SIBOS 2012 opening day.
"In line with the SIBOS theme, EastNets will show how more efficient financial solutions can help expedite the recovery of mature economies and sustain growth in emerging markets. Sure, given today's stringent regulatory environments financial institutions need to ensure that their systems can easily detect dubious activity. However, this should not be achieved at the cost of excessively disrupting operational flow. By adopting effective False Positive Reduction mechanisms and regularly enhancing their AML systems, institutions can achieve acceptable rates of False Positives as they comply with risk regulations," said Hazem Mulhim, CEO, EastNets.
SIBOS, the annual banking and financial conference held by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), will run from October 29 to November 1, 2012 at the Intex Centre in Osaka, Japan this year. EastNets will be conducting demonstrations at Booth No. 3B20 of the venue. More information is available at http://www.sibos.com.
EastNets, a leading provider of global compliance and payment solutions and services with over 1,000 customers in 120 countries, provides Compliance Solutions including anti-money laundering and anti-fraud; Resilient SWIFT Solutions for SWIFT FIN/XML reporting, duplicate detection management, disaster recovery, and outsourced SWIFT connectivity with its SWIFT Service Bureau; and Mobile Remittances Solutions enabling secure, compliant mobile remittances, For more information, visit www.eastnets.com.