JMR Infotech upgrades Abay Bank’s financial crime compliance platform

By Divya Shah

Why this matters: Integrated compliance platforms help banks strengthen customer screening, improve transaction monitoring, manage financial crime risks and maintain operational continuity at scale.

JMR Infotech, a provider of banking technology and digital transformation solutions, went live with an upgraded financial crime and compliance management platform for Ethiopia-based Abay Bank. The upgraded Oracle Financial Services Analytical Applications (OFSAA) platform was integrated with Oracle FLEXCUBE Core Banking to strengthen customer screening, anti-money laundering (AML) and compliance operations.

The project involved upgrading Abay Bank’s OFSAA platform from version 8.0.8 to 8.1.2.10. The upgrade integrated customer screening, Know Your Customer (KYC) checks and transaction filtering into the bank’s core banking workflows.

This enabled the bank to screen customers before onboarding and conduct due diligence from the beginning of customer relationships. It also strengthened transaction controls and supported more effective financial crime monitoring.

The implementation covered several OFSAA capabilities, including anti-money laundering, KYC, customer screening, transaction filtering and case management. These functions supported customer due diligence, transaction monitoring, data quality and compliance reporting across the bank’s operations.

Elias Berhanu, Chief Information Officer, Abay Bank, said, “The upgraded platform and its integration with FLEXCUBE strengthen our ability to screen customers before onboarding and apply transaction controls across our network. JMR Infotech demonstrated a clear focus on continuity throughout the upgrade, enabling our compliance teams to continue their work without disruption.”

As part of the project, JMR Infotech migrated the bank’s existing business and transactional data, alerts, KYC assessments and compliance cases to the upgraded platform. This helped preserve important customer information and investigation history during the transition.

The implementation also included improvements to batch automation and data extraction processes to increase processing efficiency and support the bank’s AML operations.

Suresha Iyer, CAMS, President and Head of Enterprise Risk and Analytics at JMR Infotech, said the company had upgraded Abay Bank to OFSAA 8.1.2.10 and integrated screening capabilities directly into its core banking workflows. He added that the company would continue supporting the bank following the platform’s go-live.

The project highlighted the role of integrated financial crime compliance technology in helping banks strengthen customer verification, monitor transactions and manage regulatory requirements while maintaining day-to-day banking operations.