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Brief
HDFCSL deploys AML solution
Sunil Rawlani
of HDFCSL |
HDFC Standard Life (HDFCSL) has implemented an Anti Money
Laundering Solution (AML) Solution from Infrasoft Technologies. This solution
is a combination of Customer Profiling through KYC (Know Your Customer), Customer
Identification Process, Customer Risk Rating, Behavior Profiling, Customer Links
and STR Reporting.
This solution will enable HDFCSL to carry out customer profiling,
KYC, customers and transactions due diligence norms based on Insurance Regulatory
and Development Authority (IRDA) guidelines.
HDFDSL is a private life insurance companies with a customer base of 1.6 million
individuals (as on 31st March 2006). It has initiated the process of deploying
InfrasoftTech’s OMNIEnterprise: Anti Money Laundering Solution, created
specifically for the insurance segment, to simplify the task of detecting suspected
money laundering activities.
InfrasoftTech’s solution will automate the task of regulatory reporting
and internal risk assessment and integrate with the companie’s core back
office system, Life Asia.
Hanuman Tripathi, Managing Director, Infrasoft Technologies said, “We are
delighted to work with HDFC Standard Life, and implement our comprehensive AML
solution on their systems. OMNIEnterprise follows a component-based architecture
and is designed to fit into any existing financial institution’s system,
with a remarkably short deployment cycle. Post implementation, HDFC Standard
Life will be the first life insurance company to be AML compliant.”
Sunil Rawlani, Head - Information Systems & Technology,
HDFC Standard Life said “We are happy to be the first Insurance company
in India to implement an enterprise wide Anti Money Laundering solution, based
on IRDA guidelines. InfrasoftTech’s OMNIEnterprise solution delivers superior
detection through its expert rules, profiling and advanced statistical and processing
techniques. We have also looked at their experience with Indian financial institutions
for the purpose of commitment on support services.”
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