Sri Lanka’s largest bank, Bank of Ceylon (BOC), has partnered with CustomerXP to implement its anti-money laundering (AML) solution.
As part of its enterprise financial crime risk management strategy, the bank has chosen CustomerXPs’ Clari5 AML solution for combating money laundering threats in real-time.
BOC said it decided to chose a real-time, cross-channel product for money laundering risk management instead of conventional solutions that have a siloed, single channel-only approach for AML/CFT.
Bank of Ceylon compliance AGM Asoka Pinnaduwage said: “Being bankers to the nation and moreover a systemically important bank, we have a far greater responsibility of leading by example for other financial institutions in the region. We wanted to stay ahead of both domestic as well as global risk regulations with an advanced counter financial crime technology available. We are confident that Clari5’s real-time, cross-channel prowess will strengthen our AML/CFT strategy.”
CustomerXPs’ Clari5 offers a range of solutions including AML, enterprise fraud management, customer experience engagement, automated charge recovery, real-time intraday liquidity monitoring and loan origination monitoring.
Clari5 real-time AML solution helps banks and financial institutions automate, streamline and comply with existing and emerging regulatory AML/CFT compliance programs. The solution suite comprises of 6 key modules: suspicious activity monitoring, customer risk categorization, entity identity resolution/watch list filtering, regulatory eporting (CTR/STR/SAR/FATCA), case management and entity link analysis.
It provides fully automated AML compliance program starting from customer on-boarding to ongoing relationship monitoring. The solution monitors suspicious money laundering activities in real-time and takes the right decision at the right time as opposed to end of day reporting and analysis.
CustomerXPs’ offering helps achieve compliance with regulators by timely filing various regulatory reports including CTR, STR/SAR reports, as well as integrating reports and dashboards to provide insights on the efficiency and effectiveness of the AML System.
Rivi Varghese, CustomerXPs CEO, added: “A constantly changing regulatory compliance landscape coupled with rapidly growing sophistication of financial crime worldwide demands that banks today must have a real-time ‘central nervous system’ to synthesize data from across multiple channels in real-time to deliver instant insights for necessary intervention besides constantly staying compliant with regulatory mandates. BOC taking the lead to ensure a fraud free banking ecosystem and to have chosen Clari5 for this is a laudable step.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
