JMR Infotech Implements OFSAA AML and KYC in AfrAsia Bank
- 31.10.2014 12:00 am
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.