Major Indian NBFC reinforces AML and regulatory reporting practices with Amlock™


The client is an Indian financial service provider specialising in lending, asset management, wealth management and insurance – offering 24 products across 12 product categories. With over 10,000 employees, the company is one of the leading and fastest-growing non-banking financial institutions in the country.

Company Snapshot:

Company: Leading financial service provider
Sector: Lending, asset management, wealth management and insurance
Regional presence: India


The client’s information technology (IT) infrastructure was not equipped to efficiently manage the processes related to the scaling growth of business and the resultant increase in large transactions generated across multiple systems. The existing transaction monitoring processes provided limited scenarios which increased the risk of missing out on possible suspicious transactions. The existing system did not have centralized reporting tools to support regulatory, management and audit reporting, which made regulatory compliance a tedious and complex process.

The other key requirements of the financial institution included:

  • Automation of specific tasks such as watchlist downloads and reminders for pending alerts
  • Online sanction screening of customers using web service application programming interfaces (APIs) during the onboarding process
  • A customized risk model for customer risk assessment
  • Alert risk scoring for alert prioritization during the investigation process
  • Money laundering alerts scenarios to cater to all products, such as finance, wallets and others
  • Facility to generate manual alerts
  • Case investigation workflow with customer alerts grouping option to get a holistic view of the customer
  • Regulatory reports and custom MIS reports.

As part of the client’s technology upgrade initiative, Amlock™- Azentio’s financial crime detection and management solution, was implemented at their data center. The solution was customised to meet the client’s key performance indicators (KPIs), sanction screening, transaction monitoring, and regulatory reporting requirements. Various solution accelerators were used, which could be replicated across implementations to ensure improvement in efficiencies.

Salient features of the implementation:

  • The implementation process involved exploring and understanding the complex source data models of each product of the client. Data mapping was completed successfully after multiple iterations in understanding the data models and the business logic and workflows involved with respect to each product
  • The coverage of transaction monitoring was expanded to all business lines by adding more scenarios and rules
  • A comprehensive alerts library with 50+ out-of-the-box rules across multiple products, covering loans/finance payments, wallet transactions, cards, and others, was set up to automate anti-money laundering (AML) processes
  • Customised risk categorization and assessment models were implemented to identify and assess customer risks for both individuals and legal entities
  • Webservice / MachineQ APIs for real-time customer screening against sanction lists and integration with core systems
  • Automation features for auto downloads of necessary sanction lists for verification, auto notifications through email reminders
  • Flexible risk assessment models which can interface with the core system were included
  • Dashboards which provide key metrics on customer and transaction risks, user KPIs and audit reports
  • Easy to use case investigation workflow with alert prioritization and false positive management
  • Custom-made risk categorization model for individuals and corporates.
Key Benefits

Amlock™ provides a single 360o view of customers and transactions across all products and lines of business through a centralized transaction monitoring platform.

The major benefits experienced by the client include:

  • Reduced timeline for investigation through alerts tuning and testing as well as false positive management prior to deployment in the production environment
  • Stronger AML practices with successful detection and reporting of suspicious transactions
  • Automation of various manual tasks, leading to increased operational efficiency
  • Access to a single source of truth with a 360o view of the customer, based on risks, profiles, alerts and transactions to improve risk assessment processes
  • Streamlined generation of regulatory reports – Cash Transaction Report (CTR) and Suspicious Transaction Reports (STR) to the Financial Intelligence Unit of India (FIU-IND), enabling easy regulatory compliance
  • Facility to create user-defined alerts and reports.
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