Money laundering is estimated to be worth between 2-5% of the world's economy and is regarded as the lifeblood of terrorist financing. The last few years have seen enormous efforts from around the globe in order to tackle this problem and improve the basis for suspicious activity reporting. In South Africa the Financial Intelligence Centre Act 2001 (FICA), imposed duties on certain institutions to introduce new anti-money laundering requirements, which include the training of employees, reporting of suspicious transactions to the Financial Intelligence Centre (FIC) and the retention of client information. In June 2003 South Africa was granted FATF [Financial Action Task Force] membership, an intergovernmental body that develops and promotes polices to combat money laundering.
"In order to strengthen our anti-money laundering efforts we wanted to use the most effective and proven AML solution available on the global market today, that could be easily integrated into our existing systems, capable of rapid deployment and built on Best Practice," said Andre Wentzel Group Money Laundering Control Officer at Nedcor. "It is essential for financial services organizations to be able to fully understand risk and proactively manage transactions that could represent money laundering behavior. Searchspace is undoubtedly the most sophisticated AML monitoring solution available today based on its market leading capabilities and demonstrated ability to meet the needs of a large and complex financial services company."
Searchspace monitors over 450 million accounts a day, working with regional, national and global banks. Its 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 process.
"We are very pleased that Nedcor has selected the IBM /Searchspace solution. This represents our first AML deployment in the African continent. Nedcorâs 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.