The biggest challenge facing the Financial Institutions today is to monitor the suspicious transfer of money. Adoption of AML (Anti Money Laundering) technologies is turning into something of a global phenomenon, as financial institutions around the world increasingly see the need to comply with AML measures in order to remain trusted by the customers and more importantly to counter terrorist financing. In order to comply with the regulatory requirements as laid down by the Reserve Bank of India and Financial Intelligence Unit of India, State Bank of India has implemented AMLOCK, the Anti Money Laundering Solution, from 3i Infotech, across its group.
State Bank of India (SBI), India’s largest financial services conglomerate has today contracted to implement Anti Money Laundering (AML) software AMLOCK from 3i Infotech Ltd, a global provider of IT solutions and the fourth largest Indian Software Product Company. The AMLOCK software will be implemented across the State Bank Group comprising of SBI and its 6 associate banks (State Bank of Patiala, State Bank of Bikaner & Jaipur, State Bank of Indore, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore) having more than 16,000 branches across the country.
Commenting on the occasion, Mr. B. S. Bhasin, Chief General Manager – Banking Operations & Principal Officer - KYC/AML, State Bank of India, said, “State Bank of India is delighted to partner with 3i Infotech to implement AMLOCK, its Anti Money Laundering Solution. We at SBI are in sync with global awareness for matters related to anti money laundering, and this partnership is a step to have an efficient technology system to keep pace with the global changes and meet regulatory and statutory obligations”.
Mr. Anirudh Prabhakaran, Executive Director & President (South Asia), 3i Infotech said, “Our collaboration with State Bank of India, India’s largest Bank is a matter of great pride for 3i Infotech. We are extremely happy that AMLOCK, our award winning solution has been successfully implemented in the State Bank of India and is able to support the huge data volumes of the Bank. With this implementation, 3i Infotech has further strengthened its position in the Banking Sector”.
About State Bank Group
The State Bank Group, consisting of the Bank and its Associate Banks, has an overwhelming presence in the Indian financial sector, commanding a market share of about one-fourth of deposits and loans of all scheduled commercial banks in the country. The Group, through its various non-banking subsidiaries, provides a whole range of financial services which include life insurance, merchant banking, mutual funds, credit card, factoring, security trading and primary dealership in the money market.
About 3i Infotech
3i Infotech is one of India’s leading IT companies and among the top 4 Indian Software Products Companies.* The Company provides software products and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, Document Imaging & Digitization, Operations Outsourcing (BPO) and IT Consulting) for the Insurance, Banking, Capital Markets, Mutual Funds, Wealth Management and Government verticals. The Company services customers in over 50 countries across 5 continents.
3i Infotech is SEI CMMi Level 5 compliant for its Software Services, ISO 9001:2000 for its BPO Services and ISO 27001:2005 certified for its Infrastructure Services.