NWC News Netwotk, July 22 2008, 1330 hrs
3i Infotech, IT solutions provider announced that Bank of India, a public sector bank, with large overseas branch network has signed an agreement to implement AMLOCK, its Anti-Money Laundering (AML) software. As part of this agreement, it will undertake complete system integration, from procurement and installation of hardware including 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 systems, it becomes critical for it to gear up its systems and processes to meet with internationally prescribed anti -money laundering norms. Bank of India too is among these banks in India which have decided to implement the AMLOCK anti-money laundering solution from 3i Infotech.
Commenting on the occasion, P. A. Kalyanasundar, General Manager (IT), Bank of India, said, “We are happy to partner with 3i Infotech to implement anti-money laundering software solution in our bank. Bank of India has always been proactive in complying with the statutory requirements. Once the solution is implemented, the bank will be able to submit the required reports to the financial intelligence unit –India under 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 world class products and solutions to the financial services organizations, 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 systems that organizations like financial institutions may be using for different operations. It is highly parametrizable to suit the unique needs of each organization.
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