Sri Lanka’s largest bank, Bank of Ceylon has chosen CustomerXPs’ Clari5 real-time Anti-Money Laundering solution to combat money laundering threats in real-time.
According to Bank of Ceylon, it opted for a real-time, cross-channel product for money laundering risk management instead of conventional solutions that have a siloed, single channel-only approach to Anti-Money Laundering and Combating Financing Terrorism.
Go deeper with GlobalData
The development comes as Sri Lanka ramps up its AML/CFT defences in response to the heightened threats around the globe.
Bank of Ceylon compliance AGM Asoka Pinnaduwage 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.”
CustomerXPs CEO Rivi Varghese 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 synthesise data from across multiple channels in real-time to deliver instant insights for necessary intervention besides constantly staying compliant with regulatory mandates.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“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 added: “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 innovative approach for their AML/CFT program.
“BOC choosing the acclaimed next gen 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.”
Founded in 1939, Bank of Ceylon is the largest bank in Sri Lanka with assets of around $11bn with around 580 branches and 680 ATMs.
