Over 50% of the worlds largest banks already use the Searchspace AML solution to detect money laundering and meet increasing complex regulations. Money laundering is seen as the lifeblood of terrorist financing and is thought to be between 2-5% of global GDP. The introduction of AML V4.1 will allow customers to speed up the process of installation and integration into their existing systems.
The functional improvements in V4.1 focus on infrastructure support and enhanced integration, and reporting capabilities. To accommodate different business models and processes V4.1 gives customers increased flexibility to easily customize to their own needs whilst taking advantage of future upgrades. For those financial service providers that operate through multiple business lines, the system can now accommodate multiple risk based polices reflecting the unique risk profiles of individual business lines.
Investigative and detection capabilities now include enhanced link analysis across both transactional and reference data. V4.1 allows the utilization of non-dollar transactions such as balance enquiries and pin change requests that can be profiled so that every transaction whether it is dollar or non-dollar can be interrogated. Additionally search capabilities have been improved along with the ability to easily integrate alerts from outside of the Searchspace system, which can be combined with Searchspace workflow and case management delivering enhanced investigative support.
"IBM partners closely with Searchspace to help banks analyze the mass of data represented by the vast array of banking products, millions of customers and billions of transactions that take place every day," said June Felix, general manager of risk & compliance at IBM. "The introduction of V4.1 has enhanced the detection capabilities of Searchspace's AML solution and makes it easier to customize to specific customer needs without compromising system management."
Searchspace now monitors over 400 million accounts a day working with regional, national and global banks. 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 process. Advanced and automated detection technology enables the capture of both known and unknown patterns of suspicious behavior.
"Integration and rapid installation are two key challenges we have addressed in V4.1, these coupled with the improvements in investigative and reporting capabilities represent a significant step forward in the effectiveness and efficiency of our market leading AML solution. We are committed to the continual development of our products to support the financial community in combating financial crime," said Jason Kingdon CEO Searchspace.