Wynyard wins Nonoo Exchange supply deal
Manama, June 26, 2014
Wynyard Group, a market leader in critical threat assessment and advanced crime analytics software for government, financial services and critical national infrastructure, has won a major contract from Bahrain's Nonoo Exchange Company.
As per the deal, Wynyard will supply its anti-money laundering (AML) and countering financing of terrorism (CFT) software-as-a-service to the leading money exchange house.
NEC chief executive Fuad Nonoo said Wynyard was selected because of its strong track record and robust AML/CFT software-as-a-service solution.
"Wynyard has a strong reputation of helping companies detect money laundering and financial crime. It demonstrates an in-depth understanding and knowledge of regulatory requirements in our region and we are confident we have selected the best partner to help us with our compliance needs," he stated.
Wynyard Group chief operating officer Paul Stokes, said Wynyard won the contract ahead of major AML vendors in the region following an extensive selection process.
"NEC selected us to help it meet the stringent regulatory requirements set by the Central Bank of Bahrain. Failure to meet these complex regulations could mean halt in trading, reputational loss as well as tough financial penalties," he stated.
"We are delighted to be working with NEC to help the company meet its regulatory requirements with our advanced financial crime solution. We have a demonstrated history and significant expertise in anti-money laundering and continue to invest in our technology to help our growing customer base detect and report financial crime."
Flexibility, ease of use and Wynyard's financial crime solution comprehensive features were part of the reason Wynyard won the contract, said Boby Antony, the Bahrain firm's head of AML.
"Wynyard's case management, risk-based approach and features such as watch list filtering, rules engine, suspicious transaction report processing and transaction monitoring set its software apart from its competitors," he added.
Wynyard has offices in the United Kingdom, United States, Canada, UAE, Australia and New Zealand.-TradeArabia News Service