Asoka Pinnaduwage, AGM Compliance, Bank of Ceylon

Sri Lanka’s largest bank, Bank of Ceylon (BOC) has chosen CustomerXPs‘ Clari5 real-time anti-money-laundering solution for combating money laundering threats in real-time.

This development comes as the nation embarks on implementing a Risk-Based Approach to Anti-Money Laundering and Combating Financing Terrorism in response to the heightened threats around the globe.

Following an extensive evaluation of global vendors, BOC chose a real-time, cross-channel product for money laundering risk management as opposed instead of conventional solutions that have a siloed, single channel only approach for AML/CFT.

Asoka Pinnaduwage, AGM – Compliance, Bank of Ceylon said: “Being bankers to the nation and moreover a systemically important bank, we have a far greater responsibility of leading by example for other financial institutions in the region. We wanted to stay ahead of both domestic as well as global risk regulations with an advanced counter financial crime technology available. We are confident that Clari5’s real-time, cross-channel prowess will strengthen our AML/CFT strategy.”

Rivi Varghese, CEO, CustomerXPs said: “A constantly changing regulatory compliance landscape coupled with rapidly growing sophistication of financial crime worldwide demands that banks today must have a real-time ‘central nervous system’ to synthesize data from across multiple channels in real-time to deliver instant insights for necessary intervention besides constantly staying compliant with regulatory mandates. BOC taking the lead to ensure a fraud-free banking ecosystem and to have chosen Clari5 for this is a laudable step.”

Viraj Mudalige, CEO of Epic Technology Group, CustomerXPs’ premier technology partner for South East Asia said: “Given multiple strategic domestic and global AML/CFT regulatory compliance which our financial institutions need to comply with, it is imperative for banks to consider an innovative approach for their AML/CFT program. BOC choosing the acclaimed next-generation platform Clari5 is a sure step in the right direction. We are delighted to partner with CustomerXPs to help BOC transform financial crime risk management with Clari5.”

by Bill Boyle
IBS Intelligence Senior Editor
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