Sri Lankan bank, Bank of Ceylon(BOC) has gone live with Clari5 real-time Anti Money Laundering solution in a bid to address the money laundering threats.  The implementation was completed by Epic, in association with Customer XPS, an Anti-Money Laundering (AML) solutions provider.

Asoka Pinnaduwage, AGM & Head of Compliance, Bank of Ceylon

Asoka Pinnaduwage, AGM & Head of Compliance, Bank of Ceylon said, “Being bankers to the nation, we wanted to set the precedent for staying ahead of domestic as well as global risk and compliance regulations with the very best in financial crime management technology. We are excited to see our vision being implemented with us going live with Clari5 AML.”

This comes after Sri Lanka’s implementations of AML/CFT programs in response to the heightened threats worldwide and as part of BOC’s enterprise financial crime risk management strategy.

According to the supplier, Clari5 will provide BOC with a real-time, cross-channel product for money laundering risk management, unlike the traditional approach. The Clari5 AML solution suite comprises of six key modules, some of them being Suspicious Activity Monitoring, Customer Risk Categorisation, Entity Identity Resolution/Watch List Filtering.

Rivi Varghese, CEO, CustomerXPs

Rivi Varghese, CEO, CustomerXPs said, “It is a matter of immense pride when a legendary financial institution of BOC’s stature activates our acclaimed EFCRM solution Clari5. We are delighted to see Clari5 playing a pivotal role in augmenting BOC’s AML/CFT operations.”

Viraj Mudalige, CEO of Epic Technology Group added, “Bank of Ceylon going live with the category-leading EFCRM solution Clari5 is a positive development for banks in the region as a whole. We are proud to be strategic partners in this visionary initiative.”

Established in 1939, the Sri Lankan bank BOC has 13 subsidiaries and 5 associate companies in its group and a worldwide network with over 865 overseas correspondent banks and exchange companies.

Based in Bengaluru, Customer XPs is a software product company providing financial crime risk management and customer experience management solutions to banking institutions. It was founded in 2006, and sells its financial crime risk management software product under the brand name Clari5.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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