Bank Profile
A leading cooperative bank in Maharashtra has been using our Anti Money Laundering Solution at its 146 branches, assisting the bank in effectively managing its anti-money laundering function.
As per the latest data available, 80+ users at the bank are managing approx. Thirty-eight lakhs lakh transactions monthly daily average of 1.75 lakh transactions. The bank has a customer base of approx. 24 lakhs customers with 1.21Cr accounts
Problem Statement
Serving almost 24 lakhs customers, the bank was concerned about the risks associated with false negatives that its current AML compliance technology was missing. Intent on driving financial crime out of its operation, the bank began searching for a solution that could enhance its existing rules-based transaction monitoring system (TMS) and minimize the risk of undiscovered financial crime.
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The Solution
After an extensive search and due diligence, the bank selected our Anti Money Laundering System based on the company’s efficient and readily deployable AML solution.
- With our AML solution, the bank is now well-equipped to find hidden risks, quickly eliminate false positives and automate its investigation processes. This enables the bank’s investigative teams to spend most of their valuable time evaluating and more closely considering its most complex cases.
- With AML Compliance in place, the bank is better protected from challenges such as regulatory fines, reputational damage, AML remediation, and unnecessary monitoring costs.
- With our Anti Money Laundering System, the bank may be able to curb the flow of illicit funds that enable human trafficking, drug running, and terrorism.
- Advanced techniques and Automation have reduced the workload of the staff while maintaining high standards of compliance.
- Quick and easy generation of Reports, such as CTR, STR, CCR, NTR, etc., for Regulatory Compliance and MIS needs.
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