3i Infotech associates with Sri Lanka's Sampath Bank

3i Infotech associates with Sri Lanka's Sampath Bank

By SiliconIndia   |   Tuesday, 28 June 2011, 10:58 Hrs
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Mumbai: 3i Infotech, a global provider of IT solutions announced their association with Sampath Bank, Sri Lanka's financial services company. It is the first Sri Lankan bank which has procured and decided to implement 3i Infotech's Anti Money Laundering Software, Amlock. This initiative places Sampath Bank as a first mover amongst its peers in the industry in Sri Lanka.

Narayan V, Region Head, South Asia, 3i Infotech said, "The IT spending for Anti Money Laundering in the BFSI sector is forecasted to grow by 32 percent in the next 12 months. The increased adoption of such solutions highlights the endeavor of various banks to prevent the practice of disguising the origins of illegally-obtained money."

This move by Sampath Bank, will comply with AML guidelines of Central Bank of Sri Lanka, and will also give them reputational advantage for correspondent banking in markets outside of Sri Lanka. It is significant that the feature of the AML product is compliant with the Sri Lankan regulatory requirements, which facilitates market strategy, giving it a competitive edge. For local operations and on-ground support in Colombo, 3i Infotech has tied up with DMS Software Engineering. Together, 3i Infotech and DMS will install, implement, train and support the Amlock software in Sri Lanka.

Sampath Bank chose Amlock from 3i Infotech based on a rigorous selection and due diligence process initiated by a consortium of 13 banks in Sri Lanka and facilitated by the Sri Lanka Bankers Association (SLBA). The process took over two years to complete and included a well-attended reference site visit to two of 3i Infotech customers in India.

Aravinda Perera, Deputy Managing Director, Sampath Bank PLC., said, "We chose Amlock, from 3i Infotech because of its strong credentials including technical strengths, strong presence in the subcontinent, compliance to Sri Lankan regulation and an impressive customer base. By leveraging Amlock's features, we are expecting to deliver more efficiently to our customers."

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