In order to comply with the Reserve Bank of India's regulatory order of preventing the money laundering, India's largest bank, State Bank of India (SBI) has installed AMLOCK, the Anti Money Laundering Solution from 3i Infotech.
SBI's chief general manager B.S. Bhasin said, "We have contracted with IT software product firm 3i Infotech to deploy its anti-money laundering solution across our group comprising SBI and six associate banks to monitor any suspicious transfer of money, including terror financing."
3i Infotech has been deployed in the entire SBI group that includes its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Indore, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore.
The banking regulator, RBI along with the Financial Intelligence Unit of India has made it compulsory for the all banks in the country to assume an anti-money laundering technology to maintain its customers trust.
3i Infotech President (South Asia) Anirudh Prabhakaran said, "We have implemented our award-winning solution in the SBI group to check money laundering by monitoring its huge transaction data. The deal has strengthened our presence in the Indian banking sector."
"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 at 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," he added.
Meanwhile SBI is also pleased to join hands with 3i Infotech. "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 obligation," said Bhasin.
3i Infotech is a global Information Technology company which provides technology solutions to over 600 customers in more than 50 countries and is the fourth largest Indian software product firm.