Hyderabad:
LogicaCMG, an IT services and wireless telecom solutions
will implement NetEconomy's ERASE compliance manager,
an anti-money laundering (AML) solution, at IndusInd Bank
in Mumbai.
The
solution enables the bank to monitor customer profiles
and 'suspicious' financial transactions through advanced
statistical analysis and transaction monitoring. It also
provides extensive case management and reporting facilities.
The
'know your customer' facility of the AML solution will
enable IndusInd Bank to build a profile of each of its
customers and their expected transactions. When unusual
transactions occur, the bank is alerted immediately. AML
solutions form part of LogicaCMG's wider capability in
helping organisations fight financial crime.
The
Reserve Bank of India (RBI) issued guidelines for the
regulatory requirements of AML solutions in November 2004.
Globally, AML solutions are now regarded as essential
tools in the fight against financial fraud and criminal
activity. Many countries already have mandatory regulatory
requirements in place to counter money laundering. These
policies are expected to come into force in India soon,
and will require Indian banks to install similar systems.
Bhaskar
Ghose, managing director, IndusInd Bank said, "IndusInd
Bank takes the issue of money laundering very seriously.
The anti-money laundering solution that is being implemented
is an important step forward for IndusInd Bank in the
overall fight against global financial fraud and criminal
activity. IndusInd Bank has made arrangements to deploy
the ERASE anti-money-laundering application in collaboration
with LogicaCMG to operate with increased efficiency, while
leveraging global best practices in regulatory compliance."
Kannan
Ramaswamy, managing director, LogicaCMG in South Asia,
said, "As mandatory global regulatory requirements
to counter money
laundering come into force in India, we expect many more
banks in India to approach LogicaCMG for similar solutions."
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