According to Infrasoft, a global provider of technology solutions to banking and financial institutions, HDFC is the first life insurance company to select its anti-money laundering solution, which comprises a combination of customer profiling, customer identification processes, customer risk rating and behavior profiling.
Infrasoft has also stated that this solution will be the first of its kind in India, and will enable HDFC, which had a customer base of 1.6 million in March 2006, to carry out customer profiling based on the guidelines of India’s Insurance Regulatory and Development Authority (IRDA).
Hanuman Tripathi, managing director of Infrasoft, commented: We are delighted to work with HDFC Standard Life, and implement our comprehensive AML solution on their systems. OMNIEnterprise follows a component-based architecture and is designed to fit into any existing financial institution’s system, with a remarkably short deployment cycle.
Sunil Rawlani, head of information systems and technology at HDFC Standard Life, added: We are happy to be the first insurance company in India to implement an enterprise wide anti money laundering solution, based on IRDA guidelines.
Infrasoft’s solution will automate the task of regulatory reporting and internal risk assessment, and will integrate with Standard Life’s core back office system.
