Commerce Bank, headquartered in Cherry Hill, N.J., has assets of $38 billion and is one of the fastest growing financial service retailers in the United States.
"The Searchspace AML solution, built on industry best practices, has a proven track record of meeting the increasingly demanding regulatory requirements, and is capable of keeping pace with our rapid growth," said Commerce Bank Senior Vice President and AML Program Director Michael D. Shepard. "We chose the Searchspace technology because of its robust transaction monitoring and its capability of integrating well into and with our existing systems."
Searchspace now monitors nearly 500 million accounts a day working with regional, national and global banks. Searchspace patented technology allows software to automatically interpret and act upon vast amounts of transactions as they occur. The technology is crucial for 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 automated administration of cases found.
"Commerce Bank's selection of our AML product validates that we are meeting the precise needs of a highly regularized market where compliance coupled with brand protection is a high priority," said Jason Kingdon, CEO, Searchspace.