Korea Exchange Bank, the country's top foreign-exchange banking company, has agreed to use anti-laundering software from Mantas Inc., a Herndon, Va., unit of i-flex solutions ltd.
Mantas, which announced the sale Monday, said Korea Exchange will use the Mantas Anti Money-Laundering Solution to spot suspicious transactions and behavior patterns.
The software analyzes transactions and generates risk-based reports of user activity.
Korea Exchange said that the software would help it meet upcoming Korean regulatory requirements and will help it expand its operations in Asia, Europe, and the United States.
S. Ramakrishan, Mantas' chief executive, said in a press release that his company's software has a "proven ability to meet global regulatory demands," and will give Korea Exchange "unparalleled ability to future proof their compliance initiatives and grow their business."
In recent months Mantas has won other foreign customers, including FirstBank of Nigeria PLC and Habib Bank Ltd. of Pakistan.
Mantas was acquired last year by i-flex, the Mumbai core processing software provider majority-owned by Oracle Corp.
