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Bank of Ceylon to Combat Financial Crime Threats with CustomerXPs’ Clari5 Real-time AML Solution

Recognized as bankers to the nation, and with global operations in Seychelles, Maldives, India and UK, Sri Lanka’s largest bank, Bank of Ceylon (BOC) as part of its enterprise financial crime risk management strategy has chosen CustomerXPs’ Clari5 real-time Anti-Money Laundering solution for combating money laundering threats in real-time.

This development comes as the nation embarks on implementing a Risk Based Approach to Anti-Money Laundering and Combating Financing Terrorism in response to the heightened threats around the globe.

Following an extensive evaluation of global vendors, BOC chose a real-time, cross-channel product for money laundering risk management as opposed instead of conventional solutions that have a siloed, single channel-only approach for AML/CFT.

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 synthesize data from across multiple channels in real-time to deliver instant insights for necessary intervention besides constantly staying compliant with regulatory mandates. 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.”

About Bank Of Ceylon (BOC)

Established in 1939, BOC is Sri Lanka’s premier financial services institution offering the complete spectrum of financial services. BOC holds a leadership position given its impressive asset size, deposits and foreign currency remittances and connects with all citizens via an expansive digital interbranch network. The bank has 13 subsidiaries and five associate companies in its group and has the highest worldwide network with over 865 overseas correspondent banks and exchange companies.

About CustomerXPs

Endorsed Best Fraud Detection Product by Risk.net and ranked consistently in Chartis’ RiskTech100, CustomerXPs continues to redefine real-time, cross-channel Banking Enterprise Fraud Management with its human brain like approach to fighting financial crime. Harnessing the combined power of Automation, Artificial Intelligence, Decision Sciences and Real-time Decisions, Clari5 currently processes over six billion transactions, manages over 500 million accounts and reliably secures 4% of the global population’s banking transactions. With 80 million accounts at a single site, Clari5 has the world’s largest implementation of a fraud management solution. Tier 1 banking customers across five geographies who trust Clari5 for driving their fraud management strategy are recipients of global industry acclaim, including Banking Technology’s Best Use of IT in Risk Management/Regulation and Celent’s Model Bank of the Year.

About Epic

Established in 1998, Epic is a diversified, techno-entrepreneurial conglomerate operating in multiple countries implementing innovative and mission-critical technology solutions across several business verticals. Epic’s product, process and channel innovations have delivered more value to clients and end-users across industry sectors. Epic adopts global best practices in developing their technology solutions to ensure quality, security and transparency while protecting customers’ assets. Epic is an ISO 9001:2008, ISO 27001:2013 and CMMi Level 3 certified company.