Empowering Compliance and Financial Integrity
The Cooperative Bank of Chania Navigates Evolving AML Regulations and
Rising Financial Crime with Natech AML
Natech client since: 2016
Crete, Chania, Greece
Table of contents
Founded in 1995, the Cooperative Bank of Chania is a well-established regional financial institution in Crete, Greece. It offers a comprehensive range of services to individuals and businesses, with a strong focus on customer satisfaction and community support.
As the financial landscape evolves, the bank has consistently invested in digital transformation, ensuring the delivery of secure and innovative services while adhering to strict regulatory requirements.
The Challenge
In the face of increasingly complex Anti-Money Laundering (AML) regulations and the rise of sophisticated financial crime, the Cooperative Bank of Chania recognized the urgent need for a robust and scalable AML solution. The bank required a system that would ensure compliance and strengthen financial integrity. Additionally, the solution needed to integrate seamlessly with the bank’s existing infrastructure to maintain efficiency and security.
The Solution
To address these challenges, the bank selected and implemented Natech AML, a flexible and reliable solution that provides real-time monitoring, detection, and reporting of suspicious activities. Natech AML integrated smoothly with the bank’s systems, ensuring operational efficiency while significantly enhancing risk management. With advanced behaviour analysis, the solution improved the detection of financial crimes such as fraud, ensuring the bank stays ahead of evolving threats.
Benefits at a Glance
By implementing Natech’s AML solution, the Cooperative Bank of Chania has consistently achieved significant improvements in compliance, security, and operational efficiency.
Regulatory compliance
The bank has ensured and maintained full compliance with local and regional AML regulations, reducing legal risks and enhancing reporting accuracy.
Enhanced security
Advanced behaviour analytics and real-time monitoring tools have improved the bank’s ability to detect and prevent financial crimes.
Improved operational efficiency
Automated processes have allowed staff to focus on strategic tasks, boosting productivity.
Cost savings
Streamlined processes and minimized manual interventions have reduced operational costs.
Strengthened customer trust
Enhanced security and compliance have reinforced customer confidence, further solidifying the bank’s reputation in the region.
Faster response time
Real-time transaction monitoring has enabled quicker identification and mitigation of suspicious activities.
“Natech’ AML solution empowers us to stay ahead of evolving regulations and safeguard against financial crime while significantly improving operational efficiency. It strengthens our risk management capabilities and enables us to navigate complex compliance requirements with greater agility.“
Sifis Koutroumpas, Head of IT, Cooperative Bank of Chania
The Cooperative Bank of Chania received the Golden Award in the Fraud Prevention category at the Cyber Security Awards 2023, reflecting the bank’s commitment to enhancing its digital infrastructure and security systems.
Forward Outlook
The Cooperative Bank of Chania continues to use Natech’s AML solution alongside other regulatory software such as Bridge and ETEAN. As the financial sector evolves, the bank is well-positioned to stay ahead of regulatory requirements while maintaining high levels of operational efficiency and security. With Natech’s ongoing support, the bank is confident in its ability to meet future compliance challenges and continue its growth.
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