Riding on a financial turnaround and renewed strategic focus, 3i Infotech Limited, a global IT company, has launched AMLOCKLite – FS for Non-Banking Financial Companies (NBFCs). AMLOCKLite – FS is a comprehensive compliance solution for anti-money laundering (AML) & counter – terrorist financing (CFT). A derivative of AMLOCK, one of 3i Infotech’s flagship banking products, AMLOCKLite – FS is a solution tailored for NBFCs. AMLOCKLite – FS derives all its power from AMLOCK® which has installations in over 75 Banks & Financial Institutions across the globe and which has efficiently addressed their AML compliance requirements for over 10 years.
AMLOCKLite – FS is an enterprise AML-CFT solution and is an intelligent, customer-centric anti-money laundering solution designed to detect and manage unusual activity. It will enable NBFCs to minimize losses, improve efficiencies, comply with government regulations and adhere to global best practices on AML.
Speaking on the occasion Krish N, Global Business Head – Banking, said, “The BFSI sector is undergoing major changes with NBFCs, Payment Banks & Fintech companies offering innovative financial products and services for targeted segments. Competition in this sector is intense through extensive use of technology and disruptive & innovative business models which provide cheaper, simpler and easy-to-access services. In the midst of this competitive environment, small and medium sized NBFCs seek value-for-money software solutions that ensure effective AML compliance and will reduce the pressure on their IT budgets. AMLOCKLite – FS is an ideal solution for such organisations as it gives a steady balance between risk and profitability.”
With international cooperation on curbing money laundering, there has been increased scrutiny of accounts and heightened AML regulatory pressure on Banks & NBFCs by the Central Bank. Every small, medium and large NBFCs is under the radar of the Central Bank and is governed by strict AML guidelines. Many NBFCs face challenges in implementing AML guidelines as they use in-house developed solutions which at most does basic AML compliance, but does not provide effective list screening or advanced pattern recognition algorithms to detect suspicious transactions. Increased compliance norms have high associated costs which impacts operational profitability.
Ravikanth Sama, Delivery Head of Amlock said “AMLOCKLite – FS helps to streamline and automate KYC processes, risk profile customers and identify suspicious transactions. Its wide-ranging reports module comprises Suspicious Transaction Reports (STRs), Currency Transaction Reports (CTRs) and Counterfeit Currency Reports (CCRs). With a structured execution process to shorten the implementation timeframe, AMLOCKLite – FS can empower small NBFCs to adopt regulatory compliance processes within weeks. AMLOCKLite – FS scores exceedingly high on cost effective infrastructure deployment thereby reducing the overall TCO”.
AMLOCKLite – FS with comprehensive KYC/CDD (Customer Due Diligence) processes and suspicious transaction reporting will now enable NBFCs to respond promptly and positively to regulatory issues. By adopting AMLOCKLite – FS solutions, NBFCs can adopt best practices in governance, risk management and technology.