24
Amlock™ Helps One of India’s Largest Banks Meet AML Regulations across 25 Countries
OVERVIEW
A Fortune 500 company, the bank has one
of the largest networks with over 20,000 branches and 196 offices across 36 countries. With a large market share in assets, loans and deposits, it is one of the leading banks in India.
Company Snapshot
Company: One of India’s Largest Banks
Sector: Banking and other Financial Services
Regional presence: Offices across 36 Countries
Challenges FACED
As the bank spread its presence globally, there was a need for an integrated, data-driven and scalable technology solution to cope with the diverse and complex regulatory environments across different countries.
Consistent adherence to diverse regulatory requirements of various countries was a major challenge. Non-compliance would mean exposure to penalties, fines, and a potential loss of reputation. Maintaining confidentiality and integrity of data from different sources for seamless data management and risk assessment, was crucial for a successful AML program. To meet these challenges, the bank needed a centralized database to monitor transactions and remittances as well as handle support calls centrally. They needed a single, cost-effective AML solution to support the regulatory requirements of 25 countries.
CASE STUDIES