London, England â 14 March 2002â A UK company is aiming to help pull the rug from underneath financial crime following the introduction of smart software, which helps financial institutions to prevent money laundering.
STB Systems Limited, a specialist in regulatory and compliance systems, today introduces "STB-Detector", an advanced system that snoops through computer data to unearth evidence of money laundering activity and at the same time helps account officers ensure they are not doing business with criminals in the first place.
Estimates suggest that $0.5 - $1.5 trillion is laundered annually â money that ends up in the hands of criminals. Added to this, the new Anti-Terrorism, Crime and Security Bill means that financial institutions are further required to be on the lookout. A group of some 80 financial institutions will attend a full launch event at the Barbican, London on 19 March 2002.
The new system, which is already being installed at institutions in the USA,
is the first to combine several key controls in one package, specifically
including applying very detailed account opening controls, secondly tracking
and profiling of all account activity - not just wire transfers, (which is
all that has been traditionally carried out in the past) and thirdly
managing review and follow-up workflows of suspicious or poorly documented
transactions. Finally, and crucially, the software is the first designed to
pull information from a diversity of existing systems, meaning that
installation is simple and that institutions installing the system are not
required to create a complex "data warehouse".
This announcement comes just a short period after the introduction of the USA Patriot Act designed to tighten the net on the financial activities of terrorists, and after the huge increase in focus not just in the USA but internationally on terrorist finances arising following the September 11 attacks, all generally aimed to put an end to financial counterfeiting,
smuggling, and money laundering.
The arrival of STBâs product, which is ready to implement, having been in
development well before 911, means that financial institutions can immediately be seen to be ahead of the serious increase in regulatory pressure being applied right now in 2002.
At its heart, STB-Detector contains a comprehensive set of rules that describe money laundering activity and which can be updated continuously. The software can probe into different data throughout a financial institution, looking for activity that matches the rules. Alerts are issued to prompt compliance managers to investigate and reconcile or report to the authorities. The open database nature of the system also allows clients to manage customer documents, identifications, recorded interviews and other verifications on line without stepping over to the filing cabinet.
"STB is well versed in compliance reporting, being market leaders and one of
just five companies to be recognised by the Bank of England for electronic
reporting of regulatory data" said Michael J Thomas, Managing Director of
STB Systems Limited. "We have created the most ideal system for our current and future customers, being affordable, scalable, and easily installable. We are here to help financial institutions comply with their obligations cost-effectively, and this is what STB-Detector will do. We hope STB can help make a real difference in the fight against financial crime and the movement of terrorist funds."
STB Systems Limited is one of the world's leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984,
STB is market leader in London, New York and Hong Kong. STB's solutions are designed to automate the presentation of critical controls that protect banking businesses, handling both internal and external reporting to satisfy relevant regulatory bodies. The company is one of just five approved by the Bank of England for electronic reporting.
STB's solutions control and consolidate multiple data sources. The use of
rules-based technology ensures a stable product, and allows for development
of new solutions quickly and efficiently to meet the constantly changing demands of regulatory, management, risk and other compliance reporting.
STB Systems Limited
Tel: +44 20 7403 2188