IDBI Intech Ltd.,which offers specialised solutions to the Banking, Financial Services and Insurance (BFSI) sector, has announced the implementation of its iAML (anti-money laundering) solution at Life Insurance Corporation of India (LIC).
The company is a wholly owned subsidiary of IDBI Bank and LIC has controlling stake in the bank.
The firm said iAML solution would provide LIC an enterprise-wide single view of risk and compliance at transactions and customer level, thereby helping the insurance behemoth to upgrade its anti money laundering reporting system.
Through this solution, LIC would easily come to know if some policy holder is flouting any norms.
