SBI needs con­sul­tant to eval­u­ate AMLCFT so­lu­tion

Banking Frontiers - - Project Pipeline -

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.

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