RiskTech Forum

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

Posted: 26 March 2018  |  Source: CustomerXPs


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.

Asoka Pinnaduwage, AGM - Compliance, Bank of Ceylon 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.”

Rivi Varghese, CEO, CustomerXPs 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.”