Source: Infrasoft Technologies
Infrasoft Technologies, a specialist global company delivering technology solutions to banking & financial institutions today announced that it will implement its Anti-Money laundering Solutions at HDFC Standard Life, which is a powerful combination of Customer Profiling through KYC (Know Your Customer), Customer Identification Process, Customer Risk Rating, Behavior Profiling, Customer Links and STR Reporting.
HDFC Standard Life Insurance is the first life insurance company to select an anti money laundering solution from Infrasoft Technologies, a leading BFSI software solutions company. This solution will be the first of its kind in India enabling HDFC SL to carry out customer profiling, KYC, customers and transactions due diligence norms based on IRDA guidelines.
HDFD SL is one of India's leading private life insurance companies with a customer base of 1.6 million individuals (as on 31st March 2006). They have initiated the process of deploying InfrasoftTech's OMNIEnterprise: anti money laundering solution, created specifically for the insurance segment, to simplify the task of detecting suspected money laundering activities.
InfrasoftTech's robust and scalable solution will automate the task of regulatory reporting and internal risk assessment and integrate with their core back office system, Life Asia.
Mr Hanuman Tripathi, Managing Director, Infrasoft Technologies said, "We are delighted to work with HDFC Standard Life, and implement our comprehensive AML solution on their systems. OMNIEnterprise follows a component-based architecture and is designed to fit into any existing financial institution's system, with a remarkably short deployment cycle. Post implementation, HDFC Standard Life will be the first life insurance company to be AML compliant."
Mr Sunil Rawlani, Head - Information Systems & Technology, HDFC Standard Life, said "We are happy to be the first insurance company in India to implement an enterprise wide anti money laundering solution, based on IRDA guidelines. InfrasoftTech's OMNIEnterprise: anti money laundering solution delivers superior detection through its expert rules, profiling and advanced statistical and processing techniques. We have also looked at their experience with Indian financial institutions for the purpose of commitment on support services."