OTP signs partnership agreement with SELEC to combat money laundering

Banking

Tupungato/Shutterstock.com

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.

Image by Tupungato/Shutterstock.com

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.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Finance