May 11, 2016
State Bank of India (SBI) and Accuity win the Anti-Money Laundering (AML) Technology Implementation of the Year 2016 at The Asian Banker Awards today.
SBI, India’s largest commercial bank and a Fortune 500 company, worked with Accuity, the leading provider of risk and compliance solutions, to improve its anti-trade-based money laundering processes. The project is at the forefront of best practice, going beyond the conventional screening checklist to ensure all elements of trade transactions are screened — including Dual-Use Goods information, Vessels, Ports and Shipping data. SBI can now be confident that goods that are traded for illicit purposes will be flagged as part of its screening processes in branches across 20 countries, by trained personnel, with decision making powers at the local level to escalate suspicious trades as they discover them. SBI has enhanced capability to prevent trade-based money laundering while improving operational efficiency.