Ares constructs AML portal for State Bank of Vietnam
Ares International Corp. recently finished constructing AML (Anti-Money Laundering) portal for the State Bank of Vietnam, SBV. This is the first time Ares provides service for a Vietnam-based bank.
Ares has abundant experiences in financial IT solutions while has invested in BLITZ, the SWIFT Business Partner in Vietnam, to cultivate the Vietnam financial IT market. Consequently, SBV has decided to assign Ares to be responsible for AML portal construction.
The AML portal for SBV allows users to add new content, modify layout and authorization management interface while integrating with AML content that includes alerts of violation of Vietnamese and international AML acts and doubtful transaction, monitoring the AML status of doubtful transaction as well as controlling supporting system and information transmission system, etc. The portal also allows various identity log-in: administrator, visitor, user, bank, IT staff, AML specialist, AML supervisor, etc.
During the development of the project, Ares remotely offers a transparent development procedure for SBV and report real-time status: SBV can raise any issues regarding the project via the portal; the system will include the issues in the items that Ares is to provide. Meanwhile, the bank can view and test current status via the Internet and interact with Ares in no time. Ares also provides tutorial video for SBV to view and learn.
With the AML portal, SBV can respond quickly to users while communicating with them, improving the efficiency of AML service and control procedure. As such, SBV is very satisfied with the ability of Ares to remotely control and construct AML portal.
SBV is a state-level administration organization with president being a member of the cabinet, nominated by the Vietnam premier and approved by the congress while vice president is nominated by the president of SBV and appointed by the premier. Both the president and vice president serve a five-year tenure.
SBV serves the same role of the Central Bank of the Republic of China (Taiwan), with major duties as follows: stabilize the currency and make currency laws, monitor financial institutions, offer economic policy suggestions to the government, offer financial facility to banks, manage foreign exchange reserves, print and issue bank note, supervise all commercial activities of Vietnam, offer loans for commercial banks, issue government bonds and organize bond auction, as well as be responsible for other currency management and foreign exchange matters.
Introduction of Ares
Ares International Corp. is the first Taiwan-based software company to be listed on the Taiwan Stock Exchange (TSE). Established for 30 years, Ares is a professional management information system software provider, with professional areas in product technical R&D and system integration. Ares provides products as well as total solutions for e-business, with major service fields mainly for the financial, government and enterprise sides. Ares has won CMMI L3 certification. As well, its professional consultancy team provides outstanding project integration, R&D and maintenance services.