London 18th November 2004: The Co-operative Bank, one of the only leading
banks in the world that actively promotes and reinforces its ethical stance
in the provision of financial services, has selected IBM's newly-formed
European Financial Crime Unit to deploy an Anti Money Laundering (AML)
solution that incorporates Searchspace Anti Money Laundering Sentinel
software, IBM WebSphere middleware and IBM eServer pSeries systems, as well
as specialist consulting from IBM Business Consulting Services.
This is the first deal for IBM's new London-based Financial Crime Unit,
which was recently established following the success of a similar IBM unit
in New York. Both units include a team of experts from across IBM, including
IBM Business Consulting Services, and aim to work closely with customers and
with specialist business partners to support the growing number of
initiatives and regulations that seek to tackle financial crime. Having
worked together for many years, Searchspace and IBM have a customer list
that includes many of the world's leading banks.
"Being faithful to our ethical principles is of paramount importance in
everything that we do at The Co-operative Bank. Not only did we need an AML
solution from partners that had a proven track record, but we also needed to
ensure that they shared our focus and ethos in addressing financial crime."
said Steve Howlett, Head of Financial Crime Prevention Unit and MLRO, The
Co-operative Bank. "The solution needed to facilitate continuing compliance
with legislation and regulation, which form part of the ongoing campaign
being waged by the regulators, our partners and ourselves to tackle the
ever-present problem of financial crime."
The AML solution at The Co-operative Bank will systematically and
intelligently monitor its customer accounts and daily transactions in order
to automate the detection of suspicious behavior.
"The success of existing AML initiatives is driving criminals to either seek
new markets or find new ways to avoid detection," said Paul Maddox, Partner,
IBM Business Consulting Services and leader of IBM's European Financial
Crime Unit. "We need to be as innovative and as determined as they are. That
is why IBM has now established its second Financial Crime Unit - one on
either side of the Atlantic - making it even harder for criminals to hide."
IBM Business Consulting Services is leading the strategy, planning and
integration of the Searchspace solution within The Co-operative Bank's
technology infrastructure. IBM has extensive expertise in the rapid
implementation and deployment of Searchspace technology, gained from a
number of implementations at other institutions.
"We are very pleased that The Co-operative Bank has decided to implement our
solution which has been built on market best practice. Its desire for a
fool-proof and proven AML solution that will both protect and reinforce its
reputation in the market is a powerful confirmation of the effectiveness and
efficiency of our technology" said Jason Kingdon, CEO, Searchspace.
After less than three years of operation the IBM-Searchspace Global
Strategic Alliance already monitors over 300 million accounts, 200 million
transactions and an estimated $600 billion a day in the fight against global
money laundering and financial crime. Searchspace software enables
organizations to automatically interpret and act upon vast amounts of data
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 an evidential audit to effectively manage the compliance