3i Infotech implements AML solution for Bank of India

3i Infotech, a global provider of IT solutions and the fourth largest Indian Software Product company, today announced that Bank of India, one of India's Premier Leading Public Sector Banks, with large Overseas Branch Network has signed an agreement to implement AMLOCK™, 3i Infotech’s award winning Anti Money Laundering (AML) software. As part of this agreement, 3i Infotech 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 forward looking banks in India which have decided to implement the AMLOCK™ Anti Money Laundering Solution from 3i Infotech.

Commenting on the occasion, Mr. P. A. Kalyanasundar, General Manager (Information Technology), 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”.

Mr. Anirudh Prabhakaran, Executive Director & 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.

Sourced From: Text 100 Public Relations Consultancy