3i Infotech wins six deals on Anti Money Laundering software

Mumbai, Mar 9 (UNI) 3i Infotech, a leading provider of IT solutions and services, today announced that it won six deals for ''BankAlert'', its Anti Money Laundering (AML) and fraud detection software from six banks.

The banks which will be using the AML software are UTI Bank (India&Singapore), Karnataka Bank (India), Bank Dhofar (Sultanate of Oman), Alliance Housing Bank (Sultanate of Oman), Abu Dhabi Islamic Bank (UAE) and Permata Bank (Indonesia).

Under the terms of the agreement, the banks will be able to leverage BankAlert to detect fraud and money laundering instances by closely monitoring transaction patterns.

The software functions as a warning system and also contains investigative tools, which help in generating alert reports and in-depth analysis, besides enabling behavior analysis of customers, accounts, products and branches, a release issued by the company said.

The BankAlert software has been built on an industry standard platform and has the capacity to handle very large databases with ease.

UNI GC KU SKB1643