State Bank of India is seeking software solution that can fulfil all the regulatory requirement of FATF, Financial Intelligence Unit, RBI, regulators of foreign countries where the bank has overseas offices, IBA and other regulatory bodies. The solution would be implemented across the entire SBI group. The bank has been using Anti Money Laundering/Combating Finance of Terrorism (AML/CFT) solution for the last 9 years but it has found that the AML product has undergone many changes. It therefore wants to upgrade/replace the existing AML/CFT system for meeting all existing and those likely to be proposed guidelines/compliances effectively. It plans to implement the AML/CFT Solution as a part of the monitoring, administration and compliance functions. The solution would need to be interfaced to the Core Banking Solutions of the bank and other third party solutions (etrade application, SWIFT, exim bills, etc) to meet the business requirements of the bank.
