The bank leading the way to greater financial freedom and social prosperity, the Commercial Bank of Dubai tackles financial crime with the latest technology from Ingenuous. CBD chose Intuition by Ingenuous to detect and prevent application and transaction fraud and manage AML and compliance for its growing portfolio.
Dubai, United Arab Emirates and Melbourne, Australia
Since its inception over fifty years ago, Commercial Bank of Dubai (CBD), has transformed into a progressive and modern banking institution and is a leading bank in the United Arab Emirates (UAE). A sturdy financial base, with strong and stable management and leadership supports CBD’s loyal clients.
Today, it offers a wide range of retail and commercial banking products and services, in both conventional and Shariah-compliant formats, with a network of 15 branches and over 150 ATMs throughout UAE.
CBD has also invested significantly in making banking easier for its customers, developing the CBD App, widely regarded as UAE’s best banking app.
Its recent focus was to integrate and enhance its financial crimes management capability. CBD chose Ingenuous, a Melbourne-based decision-support company delivering the latest technology in fraud prevention and compliance.
Alan Grieve, CBD’s Chief Risk Officer commented, “At Commercial Bank of Dubai we strive to deliver innovative products and a high level of customer service, therefore I am excited to be working with a partner whose philosophy matches our own. We have now extended our financial crimes capability to prevent application, transaction fraud and manage AML monitoring. Ultimately offered in a single solution to help detect and prevent our customers from becoming victims of fraud.”
CMD implemented the solution, Intuition, across the entire CBD product suite. This product suite includes a full range of personal, business, corporate and Islamic financial services.
Clint Mills, Managing Director of Ingenuous, remarked: “Our appointment as the provider to work with CBD, is a great achievement. Intuition will manage both fraud prevention and compliance in a single platform. Furthemore, including monitoring transactions at both an account and a customer level. Our product Intuition contains a number of differentiating features. We are pleased to see the almost immediate benefits delivered in CBD’s continuous fight against financial crimes.”