 "Bank of India To Control Laundering With 3i Solution")
3i Infotech has announced that Bank of India, one of the leading public sector banks in India, has signed an agreement to implement AMLOCK, 3i Infotech’s Anti Money Laundering (AML) software. As part of this agreement, 3i Infotech will undertake complete system integration including procurement and installation of hardware and covering storage, database, Middleware, and Report Writer.
Today, all financial institutions globally are required to examine money laundering operations and report to the Financial Intelligence Unit of their respective countries for prevention of money laundering. As the Indian financial sector heads towards fast-paced integration with the global financial world, it becomes critical for it to gear up its systems and processes to meet internationally-prescribed Anti Money Laundering norms. Taking note of all this, Bank of India decided to implement the AMLOCK Anti Money Laundering Solution from 3i Infotech.
P A Kalyanasundar, general manager – IT, Bank of India, said, “We are happy to partner with 3i Infotech to implement their Anti Money Laundering software solution in our Bank. Bank of India has always been proactive in complying with statutory requirements. Once the solution is implemented, the Bank will be able to submit the required reports to the Financial Intelligence Unit – India under the PML Act 2002”.
Anirudh Prabhakaran, executive director and president (South Asia), 3i Infotech, said, “This agreement to implement AML solution for a reputed bank like Bank of India is yet another testament of our wide acceptance in the Financial Services Sector. Going forward, 3i Infotech will continue to deliver its products and solutions to financial services organisations and enable them to operate in a highly-dynamic and technologically-advanced global market space”.
AMLOCK has the capability of receiving data from multiple sources and systems that financial institutions may be using for different operations. It is highly parametrisable to suit the unique needs of each organisation.