Newcastle Joins Fight Against Fraudsters

London - 8 July 2008

The North East’s largest building society has bolstered its defences against financial crime after it signed a landmark agreement with anti-money laundering software specialist, 3i Infotech.

Newcastle Building Society has become the first organisation in Europe to introduce 3i Infotech’s latest technology, which will dramatically increase the detection and prevention levels of both money laundering and fraud.

The Money Laundering Regulations 2007 dictate that financial organisations must monitor all transactions they process. The new software, which has proved successful in Asia and Africa, will allow Newcastle Building Society to increase levels of accuracy and efficiency to target suspect accounts, and ensure full regulatory compliance.

David Moore, Financial Crime Manager at Newcastle Building Society, said: “We have earned a reputation as a company that works at the leading edge of technology, and I am pleased to say that we are continuing to do so. As Newcastle Building Society grows in size, so does the expertise and the need for us to use the very best software.

“The 3i Infotech programme will allow us to dramatically cut the time it takes to become aware of discrepancies within the Society. Newcastle Building Society is meeting all the parameters set by the Financial Services Authority.”

Bharat SV, Capital Markets and AML, 3i Infotech – Western Europe, said: “Thanks to the close working relationship between 3i Infotech and Newcastle Building Society, AMLOCK™ has not only been delivered on time and to budget, but it continues to exceed the Society’s expectations.

“By using the mature and local delivery model of the 3i Infotech and having harnessed its off-shore development capability, Newcastle Building Society has streamlined the workflow and enhanced the efficiency of investigations into suspicious transactions. Through AMLOCK™, 3i Infotech has enabled Newcastle Building Society to comply with the 3rd EU Money Laundering Directive and all UK anti-money laundering regulatory requirements to ensure that it can continue to develop its bureau offering.”

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