The Post Bank will improve security and fight money laundering and crime through technology solutions, as it prepares to compete with the four major retail banks.
This follows the finalisation of plans by the South African Post Office (SAPO) for the corporatisation of the Post Bank, which will see it become an autonomous, full-fledged bank. From 2010, the banking unit will be transformed into a separate company to better position it in the country's financial sector.
"The Post Bank would be corporatised next year as a standalone company within the South African Post Office group," SAPO says in a statement.
SAPO says it will focus on the proper management of the bank and introduce systems to fight international money laundering and other fraudulent crime activities. This is a particularly important issue when servicing the under-serviced portion of the population, says SAPO.
The restructuring of the unit is part of government's strategy to provide a wider range of accessible, relevant and affordable financial services products to those without bank accounts and low-income earners.
Fighting laundering
SAPO says it has invested R15 million on an anti-money laundering and fraud detection system for the bank. The bank says risk management and securing banking processes has become critical, but adds it would not be easy and would take time.
The bank adds that money laundering is a concern and the focus would be on ensuring the environment is stable and that depositors' funds are secured. The system, which is part of the overall crime prevention strategy, would alert the bank to any large withdrawals and deposits, and provide a detailed assessment of transactions.
The system would be integrated with the architecture of the Post Bank's current system and other applications. The system is already in production following user acceptance tests.
Security spend
SAPO previously announced it would spend R30 million on access and surveillance systems, and R9 million per year on vehicle tracking systems to improve security features across the organisation.
It recently began with the roll-out of access control and CCTV systems, which is scheduled to cost R30 million. The Tshwane mail centre was the first area to receive the system, which will also be installed at six processing centres across the country, and 61 remote server rooms, which house the organisation's IT infrastructure.
The focus would be on building capacity, preventing and deterring crime, SAPO says.
Related story:
Post Office seeks hi-tech security
Share
