SBI implements AML software from 3i Infotech

BANGALORE, INDIA: The State Bank of India today announced that it has partnered with 3i Infotech, an IT provider, to implement Anti Money Laundering (AML) software AMLOCK.

The AML software is basically created to address the issues regarding suspicious transfer of money and to counter terrorist financing, said a press release.

The AMLOCK software would be implemented across the State Bank Group comprising SBI and its 6 associate banks (State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Indore, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore) having more than 16,000 branches across the country, the release added.

“We at SBI are in sync with global awareness for matters related to anti money laundering, and this partnership is a step to have an efficient technology system to keep pace with the global changes and meet regulatory and statutory obligations,” said B.S.Bhasin, chief general manager, banking operations and principal officer, KYC/AML, SBI.

Anirudh Prabhakaran, executive director and president (South Asia), 3i Infotech said, “Our collaboration with State Bank of India, India’s largest bank, is a matter of great pride for 3i Infotech.

He added that they are extremely happy that AMLOCK has been successfully implemented in the SBI and is able to support the huge data volumes of the bank.