Hanley Economic Building Society (HEBS), a North Staffordshire based Society, selects STB-Detector to enhance anti money laundering controls. STB Systems a leading compliance software specialist is providing software to assist with enhanced anti money laundering procedures.
STB-Detector will analyse all daily account movements for suspicious activity, taking data from STB-SuperConsolidator-which provides the linkage to the Societyâs core system, Lynx Financialsâ Summit. STB-Detector builds a complete history of individual account activities against which it will compare what is happening on those accounts. As well as spotting anything unusual within an account, the system will identify unusual activity across peer groups of similar accounts, providing HEBS with an automatic analysis of everything the system considers suspicious. The whole process is then managed by HEBS as a part of its comprehensive anti-money laundering procedures.
By implementing STBâs technology, HEBS will significantly improve the level of transaction checking performed. This will help HEBS to spot trends or changes in usual behaviour in a way that cannot be achieved purely through manual processes.
HEBS, which will celebrate its 150th anniversary on 21st October 2004 aims to combine the traditions and roots of a mature organisation with the efficiency of a modern business and operates as a successful mutual organisation, with high quality customer service at its core. With the introduction of technology, HEBS continue to balance the many requirements of regulators and law enforcement agencies with those of the local community that they serve.
Commenting on the agreement, Michael Thomas, Group CEO, STB Systems, said, "We welcome Hanley Economic Building Society as an STB client and are delighted that HEBS have selected STB-Detector. HEBS can be confident in knowing that they join a client list that clearly shows STB Systems as the UK market leaders in regulatory reporting and now anti money laundering solutions also.
Once again, the flexibility of STB's solution makes it the ideal system right across the financial sector. As HEBS continue to automate and enhance systems and controls throughout their organisation, the consolidated data held within STB-SuperConsolidator may be used for further projects. We look forward to a long & mutually beneficial relationship with HEBS".
Chris Hassall, Secretary and MLRO of HEBS said "the progressive demands for us to be able to carryout a comprehensive monitoring of account movements has become increasingly evident to us over recent years. We have been looking for a suitable IT based solution for some time now and chose STB-Detector based on their proven existing experience and their willingness to work with us to tailor their system to meet the specific needs of a regional building society like us. We also look forward to a long and mutually beneficial relationship".