18 October 2017
visit www.response.ncr.com

India's IndusInd Bank signs with LogicaCMG for NetEconomy AML system

04 July 2005  |  4767 views  |  0 Eye with numbers_1

Mumbai-based IndusInd Bank has contracted with LogicaCMG for the supply and implementation of NetEconomy's Erase Compliance Manager anti-money laundering software.

The risk monitoring system will be installed at the bank's operations in Mumbai and used to detect and manage suspicious transactions.

The system automates compliance procedures and a 'know your customer' application will enable the bank to build profiles of each customer which will be montiored for unusual activity.

Bhaskar Ghose, MD, IndusInd Bank, says the anti-money laundering system "is an important step forward for IndusInd Bank in the overall fight against global financial fraud and criminal activity".

The Reserve Bank of India (RBI) issued guidelines for the regulatory requirements of AML solutions in November 2004. Kannan Ramaswamy, MD at LogicaCMG in South Asia, says: "As mandatory global regulatory requirements to counter money laundering come into force in India, we expect many more banks in India to approach LogicaCMG for similar solutions."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mauritius Commercial Bank deploys NetEconomy AML package

Mauritius Commercial Bank deploys NetEconomy AML package

02 June 2005  |  5747 views  |  0 comments
LogicaCMG to hire 1000 staff in India

LogicaCMG to hire 1000 staff in India

10 February 2005  |  3865 views  |  0 comments
Citizens Financial Group installs NetEconomy AML software

Citizens Financial Group installs NetEconomy AML software

20 July 2004  |  4867 views  |  0 comments
ING signs global AML compliance deal with NetEconomy

ING signs global AML compliance deal with NetEconomy

23 June 2004  |  5011 views  |  0 comments
India's Zero-Mass selects Bell ID's ANDiS4EMV for national EMV trial

India's Zero-Mass selects Bell ID's ANDiS4EMV for national EMV trial

25 November 2003  |  4520 views  |  0 comments
Dexia BIL chooses NetEconomy to detect money laundering

Dexia BIL chooses NetEconomy to detect money laundering

29 January 2003  |  3133 views  |  0 comments
IndusInd Bank chooses CR2 for channel management

IndusInd Bank chooses CR2 for channel management

11 September 2001  |  2943 views  |  0 comments

Related company news

 

Related company information

CGI Group UK

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comRegister nowvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15145 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8358 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7863 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7293 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6440 views comments | 8 tweets | 16 linkedin

Featured job

Find your next job