Banks, brokers, dealers and insurance firms are facing more pressure than ever to monitor illegal trading practices and detect suspicious transactions, said Viktor Litvinov, president of GRT. Fines and penalties for non-compliance can run into the millions of dollars.
The combined alerting system aims to address compliance with the recent US Patriot Act and other legislation in order to help clients detect, analyze and report on suspicious transactions in banking, brokerage and insurance activities.
In addition, GRT said it is applying a range of SEC, NYSE and other rules to equities, fixed income, mutual funds and derivatives for securities trading applications. All types of accounts are monitored, including customer, employee and proprietary.
The two companies have also recently worked together to create a trading surveillance system, which was installed at a major bank to integrate its customer accounts and transactions with external reference, pricing and rating data to create an alerting system that uses the Actimize platform to monitor both retail and institutional lines of business.
