Union Bank installs software to curb money laundering

February 27th, 2008 - 6:07 pm ICT by admin  

Mumbai, Feb 27 (IANS) The Union Bank of India (UBI) will install an anti-money laundering software provided by IT solutions company 3i Infotech, it was announced Wednesday. Declining to reveal the cost of the deal, a 3i Infotech spokesperson said: “It is a non-disclosure agreement.”

Anirudh Prabhakara, CEO of 3i Infotech, said that banks nowadays have heightened awareness on matter relating to money laundering. Most of the banks have started focusing on the anti-money laundering systems, he added.

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