HDFC Standard Life Selects OMNIEnterprise AML

Financial IT solutions vendor, Infrasoft Technologies will implement OMNIEnterprise, its anti-money laundering (AML) solution at HDFC Standard Life. The deployment will enable the insurance company to carry out customer profiling, Know Your Customer (KYC), Customers and Transactions due diligence norms based on IRDA guidelines.

OMNIEnterprise AML solution provides a combination of customer profiling through KYC, customer identification process, customer risk rating, behavior profiling, customer links and STR reporting.

According to Infrasoft, the solution follows a component-based architecture and its design allows it to fit into any existing financial institution’s system. The company also claimed that the solution has a very short deployment cycle and does not require recreating of historical data or clean data to commence.

Commenting on the deployment, Sunil Rawlani, Head - Information Systems & Technology, HDFC Standard Life, said, “We are happy to be the first Insurance company in India to implement an enterprise wide Anti Money Laundering solution, based on IRDA guidelines. The OMNIEnterprise AML solution delivers superior detection through its Expert Rules, Profiling and advanced statistical and processing techniques.”

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OMNIEnterprise AML will automate the task of regulatory reporting and internal risk assessment and integrate with HDFC Standard Life’s core back office system, Life Asia.