Streamlining operations in UK, Bahrain, Myanmar, Maldives and South Korea
State Bank of India (SBI), a leading Indian multinational bank, has upgraded to the latest version of Amlock™, Azentio’s Financial Crime Detection and Management Solution, to enhance regulatory compliance processes for its foreign offices. The new upgrade will cover the bank’s foreign office operations in the United Kingdom (UK), Bahrain, Myanmar, Maldives and South Korea.
The upgrade will ensure more benefits for SBI, by leveraging additional Amlock™ features that include alert risk scoring, screening optimization, enhanced risk classification, enhanced alerts library with more money laundering (ML) typologies, 360o view of customer, workload balancing, and flexible alerts assignment.
The key benefits expected from the new implementation include improved accuracy and efficiency in financial crime investigation, along with reduced false positives.
SBI is already a user of a centralised version of Amlock™, which helps the bank meet regulatory requirements of 25 countries. The solution includes a custom-built risk categorization module to improve customer risk assessment and a comprehensive alerts library with 50+ configurable alert scenarios to identify suspicious transaction patterns and improve risk management. It also features flexible case investigation workflow and regulatory reporting utilities, in both manual and electronic formats, to align with each country’s unique requirements, ensuring completion of end of day processes within four hours.
A Fortune 500 company, the Mumbai-headquartered SBI 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 the largest banking & financial services (BFS) company in India.