Union Bank To Deploy 3i Infotech’s AMLOCK
3i Infotech and Union Bank of India (UBI) have forged an alliance under which the former will implement AMLOCK at the bank. AMLOCK is an anti-money laundering (AML) and fraud detection software that is tailored for the insurance, banking and capital market intermediaries like brokerages, mutual funds and registrars. AMLOCK helps companies comply with global Know Your Customer (KYC) and transaction monitoring norms.
Commenting on the deal, Anirudh Prabhakaran, chief operating officer, 3i Infotech, South Asia, said, “3i Infotech offers a broad range of IT services and solutions to various banks, and we are proud and delighted that a reputed bank like Union Bank of India has selected our anti-money laundering solution, and this is a testimony of their belief in our ability to deliver and also in the quality of our products.”