AfrAsia Bank goes live with Anti-Money Laundering and Know Your Customer solutions in record time
AML for its part will help the bank to efficiently detect, investigate and report suspected money laundering activity to comply with current and future regulations and guidelines whereas KYC will allow the bank to meet regulatory requirements, improve overall customer relationships, and provide cost effective measures to identify and prevent financial crimes. (Image: company)
JMR Infotech, a leader in banking technology solutions and services, announced on October 30, 2014 that Mauritius-based AfrAsia Bank Limited has gone live with Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions.
JMR Infotech has implemented these solutions successfully at the bank in a record three and half months time. Scope of the project also included fetching and loading of data from core banking system.
Initially planned to go live on December14, 2014, JMR Infotech team succeeded in implementing AML on October01, 2014 and KYC on October14, 2014 across the bank’s system.
This milestone helped the bank to meet its regulatory deadline comfortably.
AML for its part will help the bank to efficiently detect, investigate and report suspected money laundering activity to comply with current and future regulations and guidelines whereas KYC will allow the bank to meet regulatory requirements, improve overall customer relationships, and provide cost effective measures to identify and prevent financial crimes.
Commenting on the extraordinary effort by JMR Infotech, Head of Group Operations of AfrAsia Bank, Bishwajit Mazumder said, “this was made possible with the hard work of the committed team and effective project management. JMR Infotech has been able to deliver despite all odds.”
Speaking on the occasion of AfrAsia Bank going live, Chief Executive Officer of JMR Infotech, Jayafar Moidu said “Implementation of this project in record time is a reflection of our commitment to customers. This project has set a new benchmark for JMR Infotech and reinforces our leadership position in Mauritius.”
“I would like to use this opportunity to once again thank our customers not only the Mauritius market, but the global banking and financial services industry,” he further added.
About JMR Infotech:
With delivery and development centres in India, sizable global presence and customers spread across 5 continents, JMR Infotech is a leader in banking & financial services software and software-related services. In their short existence, since 2007, they have grown to have top banks as our clients.
Their leadership in the Banking and Financial Services (BFS) IT market is backed by better understanding of client’s business needs and innovative solutions to advance their business goals. The title of World’s first Oracle Platinum Partner fully specialized in all financial solutions is a testimonial to their comprehensive offering, strong focus and unmatched expertise in BFS domain.
About AfrAsia Bank:
Strategically based in the Mauritius International Financial Centre and with representation in key dynamic markets, AfrAsia Bank Limited specialises in banking that builds bridges between Africa, Asia and the world, combining its strengths and expertise in four core divisions:
- Private Banking and Wealth Management
- Corporate and Investment Banking
- International Banking
Since inception in 2007, the Bank has expanded through a combination of substantial organic growth and various strategic acquisitions. With clients in 104 countries, their core activities are in Mauritius, South Africa, United Kingdom and Zimbabwe with representative offices in Johannesburg, Cape Town and London, as well as a banking presence through AfrAsia Bank (Zimbabwe) Limited.