SBI needs consultant to evaluate AMLCFT solution
State Bank of India is looking to undertake a review the scope of work and implementation of a new Anti-money laundering/combating finance of terrorism (AMLCFT) solution, which the bank has procured for implementation to cover all its domestic and foreign offices. The new AML/CFT solution involves three major functionalities/modules - financial transactions monitoring, risk classification and controlling facilities, fraud monitoring system, and online customer screening. The bank wants a consultant to undertake enumeration of the products and services offered by domestic and foreign entities and certify that all transactions are covered in the scope as per Project AML/CFT for transaction monitoring and transaction screening. Besides, the consultant should enumerate the channels and interfaces of customer on-boarding as per the scope of name screening process under Project AML/CFT and certify that all channels and interfaces are covered in the scope. Also, validation of sustainable frameworks that can adapt to dynamic corporate policies and regulatory requirements will be part of the assignment.