A year after a local technology company introduced new software to combat financial crime in Cambodia, four banks have started using the system to fight against money laundering and terrorism financing, the company’s executive said yesterday.
Chhor Sophanak, managing director of IdeaLink Consulting, said that his anti-money-laundering software, which was developed locally to reflect the needs of financial institutions in the Kingdom, is now being used by Sathapana, Canadia, ABA and Vattanac banks.
While Sophanak declined to disclose the value of the software that each bank had purchased, he said sales varied according to scale.
“The software helps financial institutions increase their speed in combating financial crime,” he said. “It supports the central bank’s initiative to combat money laundering and terrorism financing, which is good for building trust and attracting more investors to our country.”
In addition to banks, IdeaLink’s software is attracting attention from microfinance institutions, insurance companies and payment service providers.
According to Sophanak, the majority financial institutions in Cambodia have been using software to combat financial crime, but most of the technology has been developed abroad. Idealink’s software is the only locally-developed software in existence, and therefore is the best at combating financial crimes in Cambodia, he claimed.
Last year, IdeaLink signed a distribution agreement with Tess International, a Malaysia-based provider of software applications, to provide solutions to the financial sector by implementing anti-fraud and anti-money-laundering measures.