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Union Bank of California deploys the Searchspace Anti Money Laundering Solution

London and New York – 1st December 2005. Searchspace announced today that the Union Bank of California has implemented its Anti Money Laundering solution.
Union Bank is one of the 25 largest banks in the United States with assets
of $51.3 billion and nearly 10,000 employees.

With the US banking industry being subjected to heightened regulatory standards for Bank Secrecy Act compliance, Union Bank joins a growing list of financial institutions that have adopted Searchspace’s technology which is built on best practice to detect money laundering and protect against fraud. Searchspace technology is capable of detecting known and unknown patterns of fraudulent behavior while minimizing costs through the reduction of false positives.

"We selected Searchspace based on its track record and its ability to be leveraged beyond anti money laundering detection. Working closely with Searchspace we have been able to implement the system on time and within budget. The system has already contributed towards our objectives of effective and efficient compliance with today’s regulations," said Kevin Vorwerk, senior vice president and division manager of bank operations and services with Union Bank.

Searchspace now monitors nearly 500 million accounts a day working with regional, national and global banks. Searchspace patented technology allows
software to automatically interpret and act upon vast amounts of transactions as they occur. The technology is crucial for assisting regulatory compliance, risk mitigation and brand protection. Every transaction is monitored for unusual activity, immediately notifying compliance staff about those that may require further investigation and providing them with automated administration of cases found.

"We are very pleased that the Union Bank of California has selected our AML
solution and are already generating actionable results. We believe that the
detection capabilities of our technology are unrivalled. The bank operates
in a complex and demanding environment and is fully committed to ensuring
it is using the very best tools available to fight financial crime," commented Jason Kingdon, CEO, Searchspace.