The fastest growing UCB in the country Cosmos Bank has developed software with collaboration with IT Shastra, which will go a long way in detecting fraud in banks, claims a press release from the Bank.
Cosmos eSolutions and Services Pvt. Ltd., a subsidiary company of Cosmos Co-operative Bank Ltd., the multi-state scheduled bank, with the collaboration of ‘IT Shastra’ – an information and technology company has brought a new software in market– “RX office AML”.
This new software was launched in Pune last week in the presence of Cosmos eSolution’s Chairman – Sunil Sabnis, Senior Director – Dr. Mukund Abhyankar, Managing Director – Vasant Manwadkar, and Cosmos Bank’s Managing Director – Vikrant Ponkshe. Present on this occasion also were Cosmos eSolution’s Director – Ashutosh Joshi and IT Shastra’s CEO – Prasad Nagool.
During the launch, Vasant Manwadkar informed that this is a state of the art, anti-money laundering and fraud detection solution, which will help banks all over India to store and streamline Know Your Customer (KYC) and Anti-money laundering (AML) information. It will assist in generating various necessary reports likes ‘CTR’, ‘STR’, ‘NTR’, ‘CCR’, ‘CBWT’ ‘Walk in Customer’ etc.
This software is user-friendly and created by using of latest technology. This software is now available in market in the offices of IT Shastra in Pune, Mumbai, Thane as well as their distribution centers all over India.
MAY A MILLION COSMOS TYPE E SOLUTION PROVIDERS BLOOM FOR OUR NATION
While Cosmos AML Solution is warmly welcome, this space requires global experience in terms of emerging trends, best practices, changing regulatory demands and how to make AML an RoI driven investment.