LogicaCMG Anti-Money Laundering in India
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LogicaCMG is to implement anti-money laundering software for a Mumbai, India based bank. NetEconomy's ERASE compliance manager is to run at IndusInd Bank in Mumbai. Using the software IndusInd will be able to monitor customer profiles and suspicious financial transactions using statistical analysis and transaction monitoring. Each customer will have a profile and their expected transactions. Unusual events will alert the banks immediately. Mr. Bhaskar Ghose, Managing Director, IndusInd Bank said, "IndusInd Bank takes the issue of money laundering very seriously. The anti-money laundering solution that is being implemented is an important step forward for IndusInd Bank in the overall fight against global financial fraud and criminal activity. IndusInd Bank has made arrangements to deploy the ERASE anti-money-laundering application in collaboration with LogicaCMG to operate with increased efficiency, while leveraging global best practices in regulatory compliance." Kannan Ramaswamy, managing director, LogicaCMG in South Asia said: "We look forward to support IndusInd Bank with this mission critical project and appreciate their efforts to protect their institution and its customers from money laundering activities. 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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