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OTP signs partnership agreement with SELEC to combat money laundering

OTP Bankʼs IT and Bank Security Directorate and the Southeast European Law Enforcement Center (SELEC) have signed a partnership agreement to conduct regular information exchange to help the fight against money laundering and the financing of terrorism, said OTP Bank, according to novekedes.hu. 

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OTP has subsidiaries in nine countries where SELEC is active. Thanks to the partnership, the fight against cross-border money-laundering and the financing of terrorism could become more effective and successful, OTP said.

These efforts can also be effectively helped by artificial intelligence and Big Data databases, it added.

As well as Hungary, the members of SELEC are Albania, Bosnia-Herzegovina, Bulgaria, Greece, North Macedonia, Moldova, Montenegro, Romania, Serbia, and Turkey.