LogicaCMG Implements Anti-Money Laundering Solution At Mumbai's IndusInd Bank

LogicaCMG has won a contract for the implementation of NetEconomy's ERASE compliance manager, an anti money laundering (AML) solution, at IndusInd Bank in Mumbai. The solution enables the bank to monitor customer profiles and 'suspicious' financial transactions through advanced statistical

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LogicaCMG has won a contract for the implementation of NetEconomy’s ERASE compliance manager, an anti-money laundering (AML) solution, at IndusInd Bank in Mumbai. The solution enables the bank to monitor customer profiles and ‘suspicious’ financial transactions through advanced statistical analysis and transaction monitoring. It also provides extensive case management and reporting facilities.

The ‘Know Your Customer’ facility of the AML solution will enable IndusInd Bank to build a profile of each of its customers and their expected transactions. When unusual transactions occur, the bank is alerted immediately. AML solutions form part of LogicaCMG’s wider capability in helping organisations fight financial crime.

The Reserve Bank of India (RBI) issued guidelines for the regulatory requirements of AML solutions in November 2004. Globally, AML solutions are now regarded as essential tools in the fight against financial fraud and criminal activity. Many countries already have mandatory regulatory requirements in place to counter money laundering. These policies are expected to come into force in India soon, and will require Indian banks to install similar systems.

Bhaskar Ghose, managing director, IndusInd Bank said, “IndusInd Bank takes the issue of money laundering very seriously. The anti-money laundering solution that is being implemented is an important step forward for IndusInd Bank in the overall fight against global financial fraud and criminal activity. IndusInd Bank has made arrangements to deploy the ERASE anti-money-laundering application in collaboration with LogicaCMG to operate with increased efficiency, while leveraging global best practices in regulatory compliance.”

Kannan Ramaswamy, managing director, LogicaCMG in South Asia said: “We look forward to support IndusInd Bank with this mission critical project and appreciate their efforts to protect their institution and its customers from money laundering activities. As mandatory global regulatory requirements to counter money laundering come into force in India, we expect many more banks in India to approach LogicaCMG for similar solutions.”

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