David Moore, Group Financial Crime Manager at Newcastle Building Society, said, âI am confident that AMLOCK will provide the Newcastle with a very capable tool in the fight against financial crime. It has excellent transaction monitoring features which will give us a tremendous advantage in detecting both fraud and money laundering. It is important for regulatory and commercial reasons that we have the capability to identify suspicious transactions from large volumes of dataâ.
Steve Young, Director Asset Management & Capital Markets, added: âWeâre delighted that Newcastle Building Society has selected AMLOCK. This will be the first UK installation of the award winning product. AMLOCK has been widely recognised by banks in Asia-Pacific, South Asia and the Middle-East as a comprehensive solution that meets the ever changing landscape of global AML regulations. The deployment of AMLOCK at Newcastle Building Society will help ensure that they are ahead of sophisticated financial crime and todayâs heightened regulatory supervision.â
AMLOCK helps Banks, Building Societies, Credit Unions, Insurance Companies, Capital Market Intermediaries, Money Service Bureaus detect fraud and money laundering instances by closely monitoring transaction patterns, design a risk-based approach in line with the 3rd EU Directive, and automate the reporting process.