As part of this agreement, 3i Infotech will undertake complete system integration, from procurement and installation of hardware including storage, database, middleware, and report writer, said a press release.
Today, all financial institutions globally are required to examine money laundering operations and report to the financial intelligence unitof their respective countries for prevention of money laundering, said the release.
"Once the solution is implemented, Bank of India will be able to submit the required reports to the Financial Intelligence Unit-India under PML Act, 2002." said PA Kalyanasundar, general manager -IT, Bank of India.
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