Union Bank implements Anti-Money Laundering Solutions

Union Bank of Colombo PLC (UBC), is the first Sri Lankan bank to take an initiative to implement technology based money laundering prevention.

After a long-drawn evaluation in which many global vendors participated, Union Bank decided to work with InfrasoftTech. Union Bank is focusing on automating its KYC and monitoring processes to enable risk weightage-based approach to prevent money laundering in the Bank's network.

This technology upgrade is expected to support the Bank to meet compliance requirements with a higher level of proficiency and assist in identifying the Bank's customer needs more effectively.

Director and CEO, Union Bank, Anil Amarasuriya said, "We are the first Sri Lankan Bank that has implemented automated Anti-Money Laundering Solution. OMNIEnterprise. The AML solution will support the Bank to comply with regulatory requirements set by the Central Bank with more alleviation and monitors other essential factors such as risk, de-duplication, analysis, online swift scanning and early warning.

The AML system will be used by Union Bank's Corporate Office compliance team and users in branches as well"

Hanuman Tripathi, Group Managing Director, InfrasoftTech said, "We are very proud to work closely with Union Bank which has taken lead in automating AML processes".

InfrasoftTech partnered with Informatics (Private) Limited to implement the project and local operations related to the Union Bank's assignment.

Informatics has been in the ICT industry for almost three decades.