DBS Bank’s Indian operations has recently completed Bank’s KYC implementation & enhancement journey from the manual systems to automated one, with their Head of Operations & Compliance Mr. Vinay Gupta observing that “I am very happy with Divas Software team’s timely and end-user centric KYC project completion and post-implementation support”.
DBS is the largest bank in Singapore and the fifth largest in Hong Kong, with leading positions in consumer banking, treasury & markets, asset management, securities brokerage, equity and debt fund raising. Rather than going in for complex AML solution, for their Indian operations they were keen on implementing simple to use, end user-centric KYC compliance solution first, which was comprehensive enough to meet regulator RBI’s KYC guidelines. Simplicity of usage for their front desk operations staff was their key requirement, since KYC compliance policy implementation across the financial institution would be a failure without 100% end-user support. This was required to create bank wide compliance culture in the long run.
Mr. Dinesh Kumar, CEO, Divas Software observed that FSP-KAT solution laid the foundation for building KYC-AML-CFT (Know Your Customer – Anti Money Laundering – Combating Financing of Terrorism) Compliance & Risk Management Framework at DBS Bank. As a next step the bank is proposing to implement AML module to be followed by CFT module of FSP-KAT, to complete the compliance framework in its entirety for their Indian operations.
Pictures for this story
