Synlog Offers Banks Real-Time Anti-Money Laundering Solution

Synlog, a Globsyn company, is providing a product called RAFTS (Real-time AML Filter for Turbo Swift) for Anti-Money Laundering (AML), which is currently the only software that tracks transactions on a real-time basis as per company claims. This software specifically monitors and combats suspicious money laundering activities related to foreign exchange networks.

RAFTS or ‘Real-time AML Filter for Turbo Swift’ is an add-on plug and play solution to the TurboSWIFT interface, which assists in combating money laundering and terrorist financing in real time.

Prakash Seernani, COO, Synlog said, “Money laundering, with an estimated value of over 3 trillion dollars per year, is the world’s third largest business. We at Synlog, took this need gap in the BFSI industry as an opportunity to offer not just AML solutions but also making it synchronised as real-time tracking of transactions”.

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The need to effectively monitor all kinds of transactions (domestic and international) is growing. With the proliferation of terrorist activities in India and globally, banks and financial institutions are taking serious measures to counter the growing menace of money laundering. Bank officials need to exercise constant vigilance over opening of accounts with large cash deposits and in checking suspicious transactions. Two cardinal rules that a bank invariably observes to prevent money laundering are ‘Know your customer’ and ‘Know your employee’. Indian Banks are becoming increasingly conscious of the need for Anti-Money Laundering (AML) solutions especially in view of the recent terrorist activities.