3i Infotech, a global provider of IT solutions, today announced the launch of a hosted model for AMLOCK, the Anti-Money Laundering and Fraud Detection Solution. Designed to ease the growing regulatory complexities that have led to escalating costs in procuring financial software, the service provides financial institutions with a means to detect and investigate suspicious transactions, whilst ensuring full regulatory compliance ahead of EU’s Third Money Laundering Directive deadline.
With the service now available in hosted format, financial institutions, can take advantage of a scalable, feature rich service without having to commit to an upfront capital expense. This enables businesses to better manage IT budgets and eliminates any previous concerns associated with technology upgrades, core processor selection and the efficient management of their operational assets.
A key feature of the service is the ability to provide businesses with a step-by-step management guide once an alert has been generated; enabling users to investigate, track and comprehensively report any abnormalities, within one fully integrated environment. This is a real benefit to customers who are managing high trading volumes and regularly deal with complex customer account transactions.
Steve Young, Director Asset Management & Capital Markets, 3i Infotech – Western Europe, added: “In an age of financial crime and heightened regulatory supervision, businesses are under pressure to comply with regulatory change, while keeping a tight rein on costs. For the small and medium sized institution, this presents a particular challenge, as they tread the fine line between remaining compliant and staying profitable.
“The launch of this hosted, pay per use service marks another milestone in the evolution of our business. Ensuring that customers stay bang up to date with the latest technological developments, the offering provides an alternative approach for businesses that have started to take a closer look at the true cost of compliance.”