Informatics introduces anti money laundering software solutions
Informatics (Private) Limited, with it’s nearly three-decade long history of providing the best in IT products and services in Sri Lanka, has built key partnerships with global ICT vendors, such as Infrasofttech, a global leader in anti-money laundering (AML) systems, having provided solutions to over 100 financial services institutions, to launch its proprietary anti-money laundering (AML) software in Sri Lanka.
Commenting o n t h i s ve n t u re, Group Chief Executive Of ficer of Infor matics Thusha Weerasooriya stated: “With re gard to banks and similar financial services institutions, the most common process utilised to detect such activity is through technology-based anti-money laundering systems , that are specifically designed to not only flag suspicious transactions but document any and all such activity to aid authorities in their quest to prevent such crime”.
Detailing the benefits of this software he pointed out that it provides financial services institutions including banks , the ability to “analyse customer data and detect suspicious transactions. In this instance, customer data is filtered and classified according to the level of suspicion and inspected for anomalies. Such anomalies would include any sudden and substantial increase in funds or a large withdrawal”.
In addition, the solution’s focus lies not merely in reporting but in building surveillance on the business processes and transactions that help to enhance safety for banks and their customers. Over time, AML solution data will also help in improving the CRM strategy of banks and hence provide enhanced personalised services.
Significantly, Informatics and their partner Infrasofttech recently implemented AML software at Union Bank, marking it the first implementation of such software in Sri Lanka.
The IT Manager at Union Bank pointed out that this Software “will benefit the bank g reatly through the monitoring and elimination of instances of AML. We are justifiably proud that we are the first bank in Sri Lanka to implement this software in keeping with the latest regulations”.
In this instance, customer data is filtered and classified according to the level of suspicion and inspected for anomalies. Such anomalies would include any sudden and substantial increase in funds or a large withdrawal