3iInfotech
3i Infotech is a global Information Technology company committed to Empowering Business Transformation.A comprehensive set of IP based software solutions (20+), coupled with a wide range of IT services, uniquely positions the company to address the dynamic requirements of a variety of industry verticals, predominantly Banking, Insurance, Capital Markets, Asset & Wealth Management (BFSI). The company also provides solutions for other verticals such as Government, Manufacturing, Retail, Distribution, Telecom and Healthcare.
The Company is also focused on value added services such as business intelligence & analytics services, infrastructure management services, testing & compliance, application development & maintenance, consulting and its BPO offerings.
The Company's quality certifications include ISO 9001:2008 for BPO, ISO/IEC 27001:2005 for Data Centre Operations and ISO/IEC 20000-1:2005 for Data Centre Management Services. The company has embarked on re-appraisal under SEI CMMI ML 5 for some of its software development centers in India.
The Company's Global Delivery Model provides for the best resources to be drawn from its vast talent pool across the globe to offer optimal solutions. The Company integrates its products and services to create customized solutions to allow you to undertake technology-based business transformation that allows reorganization in line with today's dynamic digital business environment.
The Company is also focused on value added services such as business intelligence & analytics services, infrastructure management services, testing & compliance, application development & maintenance, consulting and its BPO offerings.
The Company's quality certifications include ISO 9001:2008 for BPO, ISO/IEC 27001:2005 for Data Centre Operations and ISO/IEC 20000-1:2005 for Data Centre Management Services. The company has embarked on re-appraisal under SEI CMMI ML 5 for some of its software development centers in India.
The Company's Global Delivery Model provides for the best resources to be drawn from its vast talent pool across the globe to offer optimal solutions. The Company integrates its products and services to create customized solutions to allow you to undertake technology-based business transformation that allows reorganization in line with today's dynamic digital business environment.
The date of birth is a potential ‘unchangeable’ parameter, even though it is not a full proof solution. Augmenting it with multiple addresses captured by bureaus like CIBIL to create a robust customer deduplication process and verification is of paramount importance. In the absence of above scenario, KYC compliance for each account would have no meaning.
Inadequate handling of alerts generated from the existing AML solution is one of the primary concerns here. The alleged AML norm violations are previously known and, hence, should be part of the alert generation rules set up (Indian Banks Association had issued comprehensive guidelines in this regard). While it is possible that some of the alerts would escape attention given the large number of alerts generated, the violations also amount to improper scrutiny of the alerts generated.
Banks should work towards rationalizing the alert scenarios built in the bank’s AML solution, suiting its requirements taking into account parameters such as bank profile, customer profile, past alert history, past reporting history etc. Such processes would gradually reduce the number of alerts getting enerated, thereby improving the efficiency in alert management. Even a conservative 20% reduction can have a huge impact on the way alerts are scrutinized. Further, the bank should carry out such ationalization process periodically, preferably once in a quarter. Banks should explore working with the AML solution providers and augmenting current framework through external consultants for false positive management / reduction.
Inadequate handling of alerts generated from the existing AML solution is one of the primary concerns here. The alleged AML norm violations are previously known and, hence, should be part of the alert generation rules set up (Indian Banks Association had issued comprehensive guidelines in this regard). While it is possible that some of the alerts would escape attention given the large number of alerts generated, the violations also amount to improper scrutiny of the alerts generated.
Banks should work towards rationalizing the alert scenarios built in the bank’s AML solution, suiting its requirements taking into account parameters such as bank profile, customer profile, past alert history, past reporting history etc. Such processes would gradually reduce the number of alerts getting enerated, thereby improving the efficiency in alert management. Even a conservative 20% reduction can have a huge impact on the way alerts are scrutinized. Further, the bank should carry out such ationalization process periodically, preferably once in a quarter. Banks should explore working with the AML solution providers and augmenting current framework through external consultants for false positive management / reduction.
