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Amlock™ Helps One of India’s Largest Banks Meet AML Regulations across 25 Countries

Overview:

A Fortune 500 company, the bank has one of the largest networks with over 20,000 branches and 196 offices across 36 countries. With a large market share in assets, loans and deposits, it is one of the leading banks in India.

Company Snapshot:

Company: One of India’s Largest Banks
Sector: Banking and other Financial Services
Regional presence: Offices across 36 countries

Challenges

As the bank spread its presence globally, there was a need for an integrated, data-driven and scalable technology solution to cope with the diverse and complex regulatory environments across different countries.

Consistent adherence to diverse regulatory requirements of various countries was a major challenge. Non-compliance would mean exposure to penalties, fines, and a potential loss of reputation. Maintaining confidentiality and integrity of data from different sources for seamless data management and risk assessment, was crucial for a successful AML program. To meet these challenges, the bank needed a centralized database to monitor transactions and remittances as well as handle support calls centrally. They needed a single, cost-effective AML solution to support the regulatory requirements of 25 countries.

Solution

Amlock™ was deployed with a centralised version which met the regulatory requirements of the 25 countries. This included a custom-built risk categorization module to improve risk assessment of customers and a comprehensive alerts library with 50+ configurable alert scenarios to identify suspicious transaction patterns and improve risk management capabilities.

The solution featured a flexible case investigation workflow and regulatory reporting utilities, both in manual and electronic formats, to align with each country’s specific requirements ensuring completion of end of day processes in less than four hours.

Benefits
  • Compliance with AML regulations for all 25 countries
  • A centralized deployment, using a single environment, provided support for all countries with logical segregation of each country
  • Centralized data uploads and backups, simplified maintenance of voluminous data
  • Ability to undertake country specific AML regulatory reporting of suspicious transactions (STR/SAR) and currency transactions (CTR)
  • Better decisioning from Alert Summary / Ageing / Customer Profile Reports
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