Synlog provides real-time Anti Money Laundering solutions to banks

The only provider to implement real-time AML solution

Mumbai, December 24, 2008: Synlog, a Globsyn company, is the only company to provide a product called RAFTS (Real-time AML Filter for Turbo Swift) for Anti Money Laundering (AML) which is currently the only software that tracks transactions on a real time basis. This software specifically monitors and combats suspicious money laundering activities related to foreign exchange networks.

RAFTS or ‘Real-time AML Filter for Turbo Swift’ is an add on plug and play solution to TurboSWIFT interface which assists in combating money laundering and terrorist financing in real time.

Commenting on their patented product RAFTS, Mr. Prakash Seernani, COO, Synlog said, “Money laundering, with an estimated value of over 3 trillion dollars per year, is the world’s third largest business. We at Synlog, took this need gap in the BFSI industry as an opportunity to offer not just AML solutions but also making it synchronized as real-time tracking of transactions & the only solution to curb money laundering in the future.

The need to effectively monitor all kinds of transactions (domestic and international) is growing. With the proliferation of terrorist activities in India and globally, banks and financial institutions are taking serious measures to counter the growing menace of money laundering. Bank officials need to exercise constant vigilance over opening of accounts with large cash deposits and in checking suspicious transactions. Two cardinal rules that a bank invariably observes to prevent money laundering are Know your customer (KYC) and Know your employee. Indian Banks are becoming increasingly conscious of the need for Anti-Money Laundering (AML) solutions especially in view of the recent terrorist activities.

About Synlog, a Globsyn company

Synlog, India’s only comprehensive payments solutions company (BSE: 511503), is focused on providing IT solutions in the Banking and Financial Services domain. Since 1990, Synlog has developed competent solutions in the areas of Fixed Income, Money Markets, Foreign Exchange, Derivatives, Custodial Services, Trade Finance, Nostro Reconciliation. Synlog, in addition to being a product company, brings to India the cutting edge payment solution from BankServ, USA. In 1993, Synlog introduced treasury management to Indian banks. Synlog has Development Centres in Kolkata and Chennai, along with Customer Relations & Consulting Services in New York, Kuala Lumpur and Mumbai. Globsyn Group acquired Synlog in 2006,which resulted in a significant turnaround in all spheres. Mr. Bikram Dasgupta, founder, mentor and Chairman of the Globsyn Group, is also the Chairman of Synlog today.

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