ITShastra India launched RxOffice AML, an anti-money
laundering and fraud detection solution, which streamlines detection, monitoring and investigation
operations. It’s customized for banking, insurance and capital market
intermediaries like brokerages, mutual funds.
RxOffice AML is a product developed by ITShastra
along with Cosmos e-Solutions and Cosmos Bank. RxOffice AML combines
statistical and rules-based methodologies to recognize and supervise doubtful
activities correctly, quickly and more cost-effectively, requiring fewer
resources to deliver better results.
“As the incidences of financial crimes increase,
organizations need to meet regulatory requirements and detect, monitor and
report suspicious activity. With the ease of suspect search & know your
customer feature, (KYC) it helps banks and financial institution to keep a
tight watch on people involved in suspicious money transactions. With Business
Rule Manager, banks can define their customized rules, which can be executed on
daily transaction to identify suspicious transactions and generate STR &
CTR reports. RxOffice AML's open architecture helps banks in integrating these
services into their products like CBS very easily. Presently the product is
integrated with Finacle”, said Prasad Nagool, CEO, ITShastra India Pvt Ltd.
Vasant Manwadkar, Managing Director, Cosmos
e-Solution said “ RxOffice AML enables integrated AML lifecycle management
while delivering insight across the customer life cycle to ensure smart and
cost-effective AML operations for a positive, holistic customer experience.
RxOffice AML not only meets regulatory requirements, but it goes a step further
by making the process simpler and more efficient." The product uses
customized screening algorithm to map the suspicious persons and their
associated transactions and also vice versa from the suspicious transactions to
the details of the people involved in the transactions.
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