IDBI Intech implements anti-money laundering solution at LIC

IDBI Intech Ltd, the technology-led business transformation organization offering specialized solutions in banking, financial services and insurance (BFSI), on Friday said it has successfully implemented its anti-money laundering solution at India’s insurance giant Life Insurance Corporation of India (LIC).

IDBI Intech Ltd. based in Mumbai, is part of IDBI Bank. The anti-money laundering solution will provide an enterprise-wide single view of risk and compliance at transactions and customer level, harnessing advanced analytics, workflow and artificial intelligence with a comprehensive set of pre-built rules and scenarios.

“IDBI Intech is a dominant FinTech products and services organization – focusing on strategic niche digital transformations for its clients. IDBI Intech has made steady investments in the latest industry solutions for the BFSI sector, with cutting-edge technology, customer satisfaction and market demand as top priorities. The next-generation technologies currently being leveraged include blockchain, cybersecurity, artificial intelligence and machine learning,” it said in a statement.

LIC officials said it will help them upgrade their anti-money laundering reporting system. Surajit Roy, managing director and chief executive officer of IDBI Intech Ltd said it was an honour to serve the nation’s oldest and most trusted insurance provider with its state-of-art anti-money laundering solution.

With over 500 million policies and an overall asset base of over $415 billion ( ₹31 trillion), LIC is one of the largest insurance companies in the world.