Cranes Bank unveils anti-money laundering solutions as it readies to enter Rwandan market

Kampala – As Ugandan-based Crane Bank prepares to open shop in Rwanda next year, the financial institution has invested in the start-of-art technology to deter money laundering. This was revealed as the bank unveiled the latest technologies in the fight against money laundering in Uganda last week.Marc Philippo, a director at Temenos, a Swiss-based financial solutions provider, said the system, T24, a core banking system, will first be implemented at Crane Bank’s new branch in Rwanda and its Uganda head offices. “The anti-money laundering switch is designed to monitor transactions coming into the organisation. It monitors the size of cash transactions and the name of the individual the transaction against international lists that are updated continuously,” explained Philippo about the money laundering fighting features on the system. Philippo also advised Ugandan banks to embrace the latest technologies, saying it is only way to fight against money laundering.The Ugandan Parliament recently passed the Anti-Money Laundering Bill into law. Converting, transferring or transporting money suspected to be proceeds from crime, or assisting another person to benefit from such transactions is now criminal.The new law provides specific measures to detect and deter money laundering and to facilitate the investigation and prosecution of money laundering offences.