JMR Infotech Implements OFSAA AML and KYC in AfrAsia Bank Limited, Mauritius

JMR Infotech achieves a new foot mark in Mauritius for implementing OFSAA AML & KYC in AfrAsia Bank Limited. End Quote

(1888PressRelease) November 04, 2014 - JMR Infotech, a leader in banking technology solutions and services, announced on October 30, 2104 that Mauritius-based AfrAsia Bank Limited has gone live with Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions. JMR Infotech has implemented these solutions successfully at the bank in a record three and half months time. Scope of the project also included fetching and loading of data from core banking system. Initially planned to go live on 14 December 2014, JMR Infotech team succeeded in implementing AML on 1 October 2014 and KYC on 14 October 2014 across the bank's system. This milestone helped the bank to meet its regulatory deadline comfortably.

AML will help the bank to efficiently detect, investigate and report suspected money laundering activity to comply with current and future regulations and guidelines. KYC will allow the bank to meet regulatory requirements, improve overall customer relationships, and provide cost effective measures to identify and prevent financial crimes.

Commenting on the extraordinary effort by JMR Infotech, Bishwajit Mazumder, Head of Group Operations, AfrAsia Bank said, "this was made possible with the hard work of the committed team and effective project management. JMR Infotech has been able to deliver despite all odds."

Speaking on the occasion of AfrAsia Bank going live, Jayafar Moidu, CEO, JMR Infotech said "Implementation of this project in record time is a reflection of our commitment to customers. This project has set a new benchmark for JMR Infotech and reinforces our leadership position in Mauritius. I would like to use this opportunity to once again thank our customers not only the Mauritius market, but the global banking and financial services industry.

About JMR Infotech
With delivery and development centres in India, sizable global presence and customers spread across 5 continents, JMR Infotech is a leader in banking & financial services software and software-related services. In our short existence, since 2007, we have grown to have top banks as our clients.

Our leadership in the Banking and Financial Services (BFS) IT market is backed by better understanding of client's business needs and innovative solutions to advance their business goals. The title of World's first Oracle Platinum Partner fully specialized in all financial solutions is a testimonial to our comprehensive offering, strong focus and unmatched expertise in BFS domain.

In August 2014, Global Banking & Finance Review recognized JMR Infotech's thought leadership, technical prowess and customer focus by presenting Best Core banking Technology Provider award for Middle East and Africa region.

Our offerings are delivered through our unique customer centric Extended Arm engagement model through which we work as Extended Arm of our clients, helping them reduce investment and total cost of ownership.

Visit www.jmrinfotech.com to know more about how JMR Infotech is helping banks become more profitable.

About AfrAsia Bank
Strategically based in the Mauritius International Financial Centre and with representation in key dynamic markets, AfrAsia Bank Limited specialises in banking that builds bridges between Africa, Asia and the world, combining its strengths and expertise in four core divisions:

- Private Banking and Wealth Management
- Corporate and Investment Banking
- International Banking
- Treasury.

Since inception in 2007, the Bank has expanded through a combination of substantial organic growth and various strategic acquisitions. With clients in 104 countries, our core activities are in Mauritius, South Africa, United Kingdom and Zimbabwe with representative offices in Johannesburg, Cape Town and London, as well as a banking presence through AfrAsia Bank (Zimbabwe) Limited.

Our entrepreneurial approach helps us to develop flexible investment solutions and provide tailor-made advice, together with our asset management and investment arms, AfrAsia Capital Management and AfrAsia Corporate Finance respectively.

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