3i Infotech, a global provider of IT solutions and one of India’s largest software product companies, today announced their association with Sampath Bank, one of Sri Lanka’s largest and most successful financial services company. It is the first Sri Lankan bank who 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.
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 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.
3i Infotech South Asia Region Head Narayan V said: “The IT spending with 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. At 3i Infotech it is our constant endeavour to provide our customers with the latest and advanced technologies to enable them to deliver services to their end-customers faster, better and in a more cost effective way. We are pleased that Sampath Bank has selected 3i Infotech for their Anti Money Laundering (AML) and Financial Crime Detection requirements”.
Sampath Bank Deputy Managing Director Aravinda Perera 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 features, we are expecting to deliver more efficiently to our customers. We believe 3i Infotech will continue to support us in delivering the best to our customers.”
3i Infotech (www.3i-infotech.com) provides software products and IT services for the banking, financial services & insurance (BFSI); manufacturing, retail & distribution; and government verticals. 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 center management services. The company has embarked on re-appraisal under SEI CMMI ML 5 for some of its software development centres in India.
By using its domain knowledge and through continuous investment in technologies, 3i Infotech enables corporations transform their businesses through its expertise in enterprise-class software solutions, software services including testing services, information security consulting, system integration services, IT infrastructure and disaster recovery solutions.
Sampath Bank (Sampath Bank Public Limited Company) is a licensed commercial bank incorporated in Sri Lanka in 1986 with 189 branches and over 220 ATMs island wide. Recently it has won the "Bank of the Year" award by "The Banker" of Financial Times Limited – London, for the second consecutive year. With the vision of "The Growing force in Sri Lankan Financial Services" it has become the third largest and the fastest growing private sector bank in Sri Lanka for the year ended 31 December 2010.