NCB signs an agreement to upgrade its anti-money laundering system with Diligent Risk Solutions.

National Citizen Commercial Joint Stock Bank (NCB) and Diligent Risk Solutions Pte Limited (Diligent) signed a long-term agreement on November 4, 2024, to improve their anti-money laundering and combating the financing of terrorism (AML/CFT) services. The goal was to improve the bank's risk management and compliance.

With the successful implementation of Diligent's platform, NCB will have effective tools to identify and prevent suspicious financial activities, illegal transactions, anti-money laundering, and combat the financing of terrorism (AML/CFT). This will strengthen compliance in accordance with the 3-line protection model, which involves automatically classifying customers based on their risk level, monitoring transactions in real-time, and alerting to any unusual activities. This approach will ensure compliance from the department level to the entire organization.

NCB is investing heavily in infrastructure and technology solutions

“This agreement marks an important milestone in NCB’s efforts to digitize and comprehensively transform its new strategy. With data visualization tools and an automated and seamless management system provided by Diligent, NCB will increasingly improve service quality and enhance customer experience,” said Mr. Ta Kieu Hung, CEO of NCB.

In addition, this strategic cooperation also helps NCB strengthen its compliance legal framework, fully meeting anti-money laundering regulations under Vietnamese and international laws. At the same time, it optimizes operational processes and quickly adapts to future legal changes.

Mr. Rajesh Kalyanraman, co-founder and CEO of Diligent Risk Solutions, said, “The Diligent team is committed to providing maximum support, helping NCB implement consistent and seamless risk management processes, contributing to ensuring transparency and efficiency in AML/CFT activities, and thereby increasing customer confidence and peace of mind for the bank.”

NCB is constantly improving service quality and enhancing customer experience

Diligent Risk Solutions Pte Limited (Diligent) is a Singapore-based Fintech company, specializing in providing anti-money laundering and combating the financing of terrorism (AML/CFT) solutions for large financial institutions. Diligent has a wide network of customers across Singapore, Southeast Asia, Australia, and the Middle East.

Meanwhile, NCB has impressed the market with positive milestones in recent times. Over the past two years, the bank has continuously invested heavily in infrastructure and technology solutions, cooperating with leading global and regional technology partners such as GCP, E&Y, KPMG, CMC Telecom, LUMIQ, Zoho Corporation, etc., to implement complex digital transformation initiatives toward comprehensive digital transformation and promote the bank's new strategy.

Diligent and NCB expect that cooperation between the two sides will bring NCB customers superior-quality financial service experiences while contributing to the sustainable development of the community.