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

04 July 2005  |  4723 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."

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