EastNets buys anti-money laundering solutions provider

Dubai-based EastNets has completed the acquisition of SIDE International of Luxemburg, provider of SafeWatch Anti-Money Laundering (AML), judged as the second best filtering solution worldwide.

Under the terms of the acquisition, the two companies will form a combined entity and EastNets will incorporate SIDE International’s full product portfolio into the EastNets group of products and services.

The move will allow EastNets to tap into international markets using its own services and SIDE International’s solutions including its popular SafeWatch product, an AML program which acts as a central checking point for financial traffic that performs reporting, auditing and detection on transactions and customer data.

Recent statistics indicate that USD 5 bln in laundered money can result in losses worth up to USD 11.26 bln in GDP and affect 250,000 jobs globally.

Commenting on the acquisition, Hazem Mulhim, Chief Executive Officer, EastNets said, “we hope to create a more secure financial atmosphere in the region by providing more technologically advanced solutions to reduce money laundering’s repercussions on security and welfare.”

SIDE International is a solutions provider for the financial industry and works in close association with SWIFT to address the needs of financial institutions by providing value-added products and services that complement the SWIFT product range. The company’s portfolio of solutions enables organizations to reduce financial risk, and improve operational efficiency and financial control.

The synergy that will be created will allow for greater market penetration globally, especially in Europe and the USA where SIDE International is a SWIFT Business and Service partner and one of the market leaders in the AML sector. SIDE has more than 470 clients using its wide range of products and services.

EastNets has been providing technologically advanced payment solutions to financial and government sectors throughout the Middle East for more than 22 years and the company is the SWIFT Business Partner and the SWIFT Service Partner in the MENA region.

EastNets has achieved success in different areas including its PayGate solution, a single application window that is designed to improve Straight through Processing (STP) and reduce risk in day-to-day operations over the SWIFT network for international trade, fund management and market infrastructure transactions.