3i Infotech’s Anti-Money Laundering (AML) and Fraud Detection software – AMLOCK – has been adjudged the Best Software Product of 2006-2007 by the Hyderabad Software Exporters Association (HYSEA).
This award recognizes the growth of the company’s presence in the space of Anti-Money Laundering software and lauds their innovation in product development.
Commenting on the win, Suheim Sheikh, head, capital market, 3i Infotech, said, "Post 9/11, global compliance standards have become increasingly important for financial institutions in order to check money laundering and run transparent businesses. Add to this RBI’s directive to Indian banks and the need for technology has become a global one. Hence, next-generation solutions like AMLOCK would continue to play a pivotal role in checking and curbing money laundering practices."
AMLOCK was launched in March 2006. The software was meant to help segments across the financial services spectrum like insurance, banking and capital market intermediaries like brokerages, mutual funds and registrars to comply with global Know Your Customer (KYC) and transaction monitoring norms.
Mr Suheim Shaikh added that 3i Infotech is now a leader in anti-money laundering segment and they have over 40 AMLOCK customers across the world and are connected to more than 10 global core banking systems.