JMR Infotech Implements OFSAA AML and KYC in AfrAsia Bank

JMR Infotech Implements OFSAA AML and KYC in AfrAsia Bank
31.10.2014 00:00 am

JMR Infotech Implements OFSAA AML and KYC in AfrAsia Bank

Banking

JMR Infotech, a leader in banking technology solutions and services, announced 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 14 December 2014, JMR Infotech team succeeded in implementing AML on 1 October 2014 and KYC on 14 October 2014 across the bank’s system. This milestone helped the bank to meet its regulatory deadline comfortably.

AML will help the bank to efficiently detect, investigate and report suspected money laundering activity to comply with current and future regulations and guidelines. 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, Bishwajit Mazumder, Head of Group Operations, AfrAsia Bank 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, Jayafar Moidu, CEO, JMR Infotech 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. 

Related News

Metro Bank will waive overdraft interest on a temporary basis

Metro Bank announces that from 1 March to 30 June 2020, personal current account customers will not be charged any interest for using their overdraft. This will happen... Read more »

Sygnum Bank launches digital CHF token

Sygnum Bank announced the launch of its digital CHF token (DCHF). This CHF-pegged settlement token is the first to be issued by a regulated Swiss bank with a full digital asset... Read more »

ABN AMRO extends support measures for businesses affected by coronavirus

Last week ABN AMRO announced that, for Commercial Banking clients with a credit facility of up to 2.5 million euros, payment of principal and interest will be deferred... Read more »

Temenos Offers Customers Free Access to its Digital Learning Platform During the COVID-19 Crisis

Temenos (SIX: TEMN), the banking software company, today announced a free digital learning initiative, opening access to the Temenos Learning Community Online, its cloud-based... Read more »

CaixaBank will cancel rent payments on the homes it owns during the state of alert

CaixaBank, headed by Chairman Jordi Gual and Chief Executive Officer Gonzalo Gortázar, continues to help its customers and, as of April this year, will offer rental payment... Read more »

Revolut Business: 63% of SMEs haven’t switched business account provider in five or more years

Revolut Business, an innovative global business account built for growth, speed, ease and... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel