Union Bank goes for anti money laundering solutions in partnership with InfrasoftTech, Informatics

Union Bank of Colombo PLC (UBC), is the first Sri Lankan bank to have taken an initiative to implement technology based money laundering prevention. After a long drawn evaluation in which many global vendors participated, UBC decided to work with InfrasoftTech, a leader in AML systems in the international markets.

UBC is focusing on automating its KYC and monitoring processes to enable risk weightage based approach to prevent money laundering in Bank’s networks. This technology upgrade is expected to support the Bank to meet compliance requirements with a higher level of proficiency and assist in identifying the Bank’s customer needs more effectively.

InfrasoftTech’s solution provides AML compliance supporting most central banks’ directives on financial crime prevention in over 27 FIU jurisdictions. The solution named OMNIEnterprise is by far one of the rare solutions in the market that work equally well for Banks, Insurance, Asset Management Companies, Lending Firms and Currency Exchange Houses.

UBC Director AND CEO Anil Amarasuriya said. “We are the first Sri Lankan Bank that has implemented automated Anti Money Laundering Solution. OMNIEnterprise AML solution will support the Bank to comply with all regulatory requirements set by Central Bank of Sri Lanka (CBSL) with more alleviation and monitors other essential factors such as risk, de-duplication, analysis, online swift scanning and early warning. AML system will be used by Union Bank’s Corporate Office compliance team and users at branches as well”

InfrasoftTech Group Managing Director Hanuman Tripathi said, “We are very proud to work closely with Union Bank who has taken lead in automating AML processes. We are committed to providing technology that not only helps to undertake AML Compliance as per Central Bank directives, but also helps to proactively reduce bank’s overall risk on financial crimes being committed using their channels. Our focus lies not merely in the reporting but in building surveillance on the business processes and transactions that help to enhance safety for banks and their customers. Over a period of time, our AML solution data also helps in improvising CRM strategy of banks and hence improved personalized services.”

Tripathi further added, “InfrasoftTech has enabled technology for close to  100 financial institutions across the world to manage their money laundering prevention programs and is serving more than 200 banks globally in delivering cutting edge technology for enhancing productivity, customer reach and profitability. Our experience of working in 27 global jurisdictions helps to bring global best practices to Sri Lankan banks.”

InfrasoftTech partnered with Informatics (Pvt.) Ltd., for implementation of the project and local operations related to the UBC’s assignment. Informatics has been in the ICT industry for almost three decades and is one of the largest and pioneering IT Companies in Sri Lanka. Employing skilled ICT professionals, Informatics is an ISO 9001:2008 and SEI CMMi – Level 3 certified Company.

Synonymous for its superior service delivery and a range of innovative financial solutions focusing the Small and Medium Enterprises (SME) and the Retail sectors, Union Bank is indubitably one of Sri Lanka’s fastest growing Banks with a sound financial standing, strong shareholder strength, a comprehensive product portfolio and a rapidly expanding branch network. Since its inception in 1995, UBC has introduced many firsts to the Banking industry in Sri Lanka with the launch of innovative technologically driven products and services and continues to identify and invest in cutting edge technologies that will provide the Bank a distinctive advantage in competitive industry to forge ahead as a Power House in Banking.

InfrasoftTech is a specialist software products, solutions and services provider with a focus on Core Banking, Microfinance, Islamic Banking and Anti Money Laundering. For over 16 years, the solutions have assisted banks and financial institutions to deliver improved customer services, reduce business risks, optimise costs and grow several folds. InfrasoftTech is CMMI Level 5, ISO 9001:2008 and ISO 27001 certified company and serves 200 financial services institutions, globally.