RBI penalizes two banks; cautions three banks for violating KYC/AML instructions
The Reserve Bank of India has imposed fines of Rs 50 lakh and 25 lakh on a private and a public sector bank respectively for violation of its instructions on Know Your Customer(KYC)/Anti Money Laundering (AML). The details of the penalty can be found on the RBI website.
Jocata selected for FinTech Innovation Lab Asia
Jocata has been selected to participate in a Financial Technology (FinTech) Innovation Lab in Hong Kong by a panel of leading global banks and Accenture. The details of the program, our fellow participants and the Banks can be found on The Wall Street Journal article here.
RBI penalizes 22 banks for violation of KYC Norms
The Reserve Bank of India on Monday imposed fines totaling Rs 49.5 crore on 22 private and public sector banks for violation of KYC and AML norms. A complete listing of the banks and their fines can be found on the RBI website.
KYC Remediation workshop
Prashant Muddu, CEO of Jocata, conducted a remediation workshop at Sofitel in Mumbai on the 6th of July 2013 for top officials of private and public banks at the request of Fintelekt. He addressed the importance of customer categorization, risk ranking and updation of customer profiles and provided techniques for the same. Details of the conference can be found on the Fintelekt website.
Jocata announces partnership with BASIX Consulting
Jocata is pleased to welcome BASIX Consulting & Training Services Pvt Ltd as a partner. BCTS provides practical and customized solutions to community, NGOs, corporate, Government and financial institutions, and addresses issues of management and operations to enhance their capability and expand their operations.
Jocata announces partnership with iGATE
Jocata is pleased to welcome iGATE Corporation as a partner. iGATE is an information technology and services firm that provides services to companies in banking & financial services; insurance & healthcare; life sciences; manufacturing, retail, distribution & logistics; media, entertainment, leisure & travel; communication, energy & utilities; federal government; and independent software vendors across the Americas, Europe- Middle East-Africa (EMEA) and Asia-Pacific.
Jocata to provide AML and KYC solution to HDCCB
Jocata is pleased to announce the addition of Hyderabad District Cooperative Central Bank to the list of clients of our KYC and AML services and solutions. Jocata shall provide remediation services to HDCCB and follow it with a deployment of the cloud-based AML on the GRID solution.
Jocata announces partnership with Verinite
Jocata is pleased to welcome Verinite as an implementation partner. Verinite is an IT services company with domain expertise in cards, payments and core banking solutions catering to the clients in the banking domain with offices in India and the U.K.
Jocata announces partnership with QuadRisk
Jocata is pleased to welcome Quadrisk as a partner. Quadrisk is a consulting firm that provides globally bench-marked risk and compliance solutions allowing customers to adopt mature risk management practices in their day-to-day operations and thereby reduce litigation risk, reduce cost of compliance and improve visibility of risk across geographies and business units.
Cobrapost sting uncovers KYC and AML violations across private banks
An investigation by an online magazine Cobrapost has uncovered managers at private banks systemically and deliberately violating KYC and AML norms to boost deposits. Further information on the sting operation can be found on the Cobrapost website.
New office in Banjara Hills
With the India office growing, we are pleased to announce that Jocata has moved into a new office premises in the Banjara Hills area. Our office address is now:
8-2-351/W/3/B, 2nd Floor
Road No. 3, Banjara Hills,
Hyderabad – 500034
Jocata to provide AML and KYC solution to APCOB
Jocata is pleased to announce the addition of Andhra Pradesh State Cooperative Bank Ltd. to the list of clients of our KYC and AML services and solutions. Jocata shall provide remediation services to APCOB and follow it with a deployment of the cloud-based AML on the GRID solution.
Jocata announces partnership with AIBC
Jocata is pleased to welcome Aryan Imaging & Business Consultants Pvt. Ltd. (AIBC) as an implementation partner for our remediation services for Andhra Pradesh State Cooperative Bank. AIBC is a provider of document management systems, record management systems, workflow systems, Business Process Outsourcing services & related software development.
2nd Annual AML Conference 2012 - Mumbai
Prashant Muddu has been invited to speak at the Annual Anti-Money Laundering Summit 2012 being held at the Taj President in Mumbai on the 7th of November 2012. Prashant will be speaking on the topic "Conducting a KYC Remediation".
Jocata announces partnership with Sutherland
Jocata is pleased to welcome Sutherland Global Services as a technology and implementation partner. Headquartered in Rochester, N.Y., Sutherland is a global provider of business process and technology management services offering an integrated portfolio of analytics-driven back-office and customer facing solutions that support the entire customer lifecycle.
RBI sets deadline for risk categorisation and updation of customer profiles
On the 8th and 11th of June, RBI issued circulars to all Scheduled Commercial Banks, Local Area Banks, Regional Rural Banks (RRBs), as well as State and Central Co-operative Banks (StCBs/CCBs) to put in place a system of periodic review of risk categorization of customers and updation of customer identification data.
Accordingly, RRBs/StCBs/CCBs are advised to complete the process of risk categorization and compiling and updating profiles of all of their existing customers in a time-bound manner, and in any case not later than end of March 2013.
The circulars can be found online on the RBI website. The circular, RPCD.CO.RRB.RCB.AML.BC.No.81/07.40.00/2011-12 for cooperative banks can be found at http://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=7266
Jocata presents at the NAFSCOB 19th Annual Conference of Senior Executives of State Cooperative Banks
On the 5th of March, Prashant Muddu, CEO of Jocata, presented on the role of technology for achieving KYC, AML and CFT regulatory compliance to senior executives of SCBs at the 19th Annual Conference in Kochi.
Jocata presents report on Implementation of KYC, AML and CFT for State Cooperative Banks (SCBs) at the meeting of Chief Executives of State Cooperatives in Chennai
At the instance of the Board of Directors of the National Federation of State Cooperative Banks (NAFSCOB), a comprehensive KYC, AML, and CFT Programme was devised and adopted by the sector in early 2012. On the 17th of February, Prashant Muddu, CEO of Jocata, presented on the topic of next steps in the implementation of the KYC, AML and CFT programme at a discussion of the Chief Executives held in Chennai. The meeting was attended by Chief and Senior Executives of 11 different SCBs. Additionally, the panelists included Shri. Sanjay Kumar Garg, Additional Director of FIU-IND, Shri. K. Venkateshwara Rao, Chief General Manager of NABARD, Shri. Selvaraj, General Manager at the Regional Office of RBI, Shri. Vijyendar Reddy, Vice Chairman of NAFSCOB, Shri. B. Subrahmanyam, Managing Director of NAFSCOB, and Shri. G.C. Panigrahi, Chief General Manager of the Department of Supervision (Retd.).
Jocata announces the release of India-specific version of their flagship product CLEAR
On the 17th of January, Jocata announced a new release of their advanced KYC Management platform, CLEAR, designed specifically to help Banks and other Financial Institutions in India meet national regulatory requirements and operationalize KYC collection and management. The India-specific version, CLEAR v2.3, provides the standardised classification of customers and provides a listing of all information and documentation required for different customer types to meet the regulatory requirements. Senior Developer Sundari Vedula remarked "Since the product has been built ground up to provide flexibility to meet various international standards, meeting country requirements is as easy as switching from one template to another".
"We have built within the core of our product, the intelligence to meet Indian regulatory requirements laid down by RBI and FIU-IND. Our product now provides categorization of customers and accounts as per government norms and will automate the filing of STRs/CTRs/NTRs/CCRs to the Intelligence Unit" said Mahdi Bseiso, Chief Technology Officer of Jocata.
According to the recent regulatory requirements, banks and other institutions are required to collect KYC information on all customers and risk categorize them within the next year or so. Senior management at banks are faced with the daunting task of meeting this demand with out-dated tools (if any) and manual, ad-oc processes along with the non-availability of tools customized to requirements.
Further information on CLEAR can be found here.
KYC & AML Workshop for SCBs in Hyderabad
In order to disseminate the Know Your Customer ("KYC") & Anti-Money Laundering ("AML") Programme developed for the State Cooperative Banks ("SCBs"), and in collaboration with the National Federation of State Cooperative Banks ("NAFSCOB"), Jocata is organising a two-day workshop for all Principal Officers and Senior Officers of the SCBs in Hyderabad. The programme has been developed specifically for the SCBs based on the guidelines provided by the Reserve Bank of India ("RBI") and the model policy provided by National Bank for Agricultural and Rural Development ("NABARD"). It includes a Customer Risk Categorisation ("CRC") model, rules for suspicious transaction monitoring, and detailed procedures for operationalising the programme.
The workshop is being conducted on the 4th and 5th of November at the exclusive Ebony Hotel in Banjara Hills and is being inaugurated by Dr. Bijender Singh, MLA with the key note address by Shri G. C. Panigrahi, Chief General Manager of the Department of Supervision at NABARD. Special guests will include Shri Y. Vijayendra Reddy, President of the Andhra Pradesh State Cooperative Bank ("APCOB"), Shri Sukbir Singh Panwar, Vice President of the Delhi State Cooperative Bank, Shri V. Jagan Mohan, Managing Director of APCOB, Shri P. Mohanaiah, Chief General Manager of NABARD and Shri B. Subrahmanyam, Managing Director of NAFSCOB.
Annual AML Conference 2011 - Mumbai
Prashant Muddu has been invited to speak at the Annual Anti-Money Laundering Summit 2011 being held at the Grand Hyatt in Mumbai on the 8th of November 2011. Prashant will be speaking on the topic "Practical Approach to Building KYC and AML Risk Models and Measuring Compliance".
New Office in Hyderabad
We are pleased to announce that Jocata has moved into a new office premises in Hyderabad. Our office address is now:
# 103, 3-5-595 Garonda Paul
Vittalwadi, 7th Street
Andhra Pradesh 500029
Jocata awarded NAFSCOB contract for KYC policy development
Jocata awarded NAFSCOB contract for centralized policy development for all of NAFSCOB's member state co-operative banks.
Keeping in view the exacting standards set for AML/KYC/CFT, the National Federation of State Co-operative Banks Limited ("NAFSCOB") has recognised the need for direction and assistance in developing and implementing a strong KYC system within the short-term co-operative banking sector.
In line with its stated objectives of providing a common forum for its member banks, protecting their interests and providing consultancy inputs to member institutions in order to strengthen them internally, NAFSCOB has awarded on 23rd May the contract to centrally develop a complete turn-key solution for KYC, AML and CFT compliance for its member banks to Jocata.
To accomplish this objective Jocata shall perform KYC gap analysis, develop a comprehensive base-line KYC/AML policy document, develop a customer risk-ranking methodology tailored to the sector and conduct workshops for key bank-personnel.
The solution is to be developed and implemented through a detailed baseline/validation study of 8-10 representative SCBs which shall include data sampling. It is expected that the policy development engagement will be conducted over a 4 month period.
18th Annual Conference of Senior Executives of State Cooperative Banks
Senior Executives, Chief General Managers and Managers from leading State Cooperative Banks ("SCBs") gathered together in Hyderabad to discuss issues and challenges being faced by the banks in the current environment.
Mr. Prashant Muddu was invited as a guest speaker to present a case study on a current KYC analytics and customer remediation project being conducted by Jocata at a large state co-operative bank. Mr. Muddu was asked to share his views on the current scenario of KYC and AML compliance within the co-operative sector, some of the challenges and issues being faced by the Banks and the steps to be taken by the Bank to achieve compliance.
5th Annual Risk and Compliance Conference
Andrea Weist, Prashant Muddu and Gokul Kollayikal are in Mumbai this week for the Indian Banks' Association's 5th Annual Risk and Compliance Summit at the Taj President hotel.
Ms. Weist represented Jocata as an expert panelist on the discussion titled "AML/KYC: Are we doing enough?" where the topics included the impact of FATF membership on banks, best practices and software technologies for the AML/KYC space and the creation of automated customer risk-rating methodologies. We also introduced banking personnel to our advisory services and the latest version of the CLEAR application.
A complete list of attendees and the webcast of the panel discussion should be available on the organizer website here.
Jocata in the WSJ
We at Jocata, were invited to provide our inputs on the state of efforts regarding AML in India for the Wall Street Journal.
Why KYC? Why Now?
A lot of people have asked if we focus exclusively on delivering technology and services related to the KYC aspect of AML. The simple answer is no. Our intention is to solely reflect the current need of the industry as we see it. We are extremely busy writing proposals for alert tuning engagements, risk ranking validation engagements and transaction reviews.
We are hiring
Jocata welcomes Gokul Kollayikal as Manager, Product and Strategy Group. Mr. Kollayikal comes from a consulting and product management background having worked for clients such as Intel and Cisco. Mr. Kollayikal has an MBA from Cornell University and an MS from the University of Maryland.
We are seeking experienced hires as well as recent graduates with a background in finance, management and technology to be a part of the Jocata team. We hire the best talent and provide exciting opportunities for personal and professional growth If you would like to apply your skills and creativity to solve complex compliance and regulatory issues kindly submit your resume along with a cover letter to firstname.lastname@example.org. We look forward to hearing from you.
Jocata adds new Hyderabad location
We are pleased to announce the addition of our new office in the vibrant city of Hyderabad. Our office located in Banjara Hills, Hyderabad will primarily support product research and development activities for the financial services industry.
Level 1 Mid Town Plaza
Road No 1, Banjara Hills
Andhra Pradesh 500034
Phone +91 95022 94999
Jocata launches India operations
Closely following India's entry as a full member into the Financial Action Task Force in June, Jocata is launching operations in India to advise Financial Institutions in AML/KYC/CFT compliance matters. This also allows Jocata's Global Clients to leverage our off-shoring capabilities for specialized projects such as historical transaction reviews (Look-backs) and KYC remediation.