In order to conform to the regulations, Nedbank, in collaboration with IBM and anti money laundering software vendor Searchspace, has implemented an end-to-end anti money laundering detection system designed to automate the identification, monitoring and reporting on possible transactional money laundering activities. Searchspace says the system also includes the capability to integrate manually reported cases of possible money laundering.
According to Searchspace, the system will monitor every transaction on private individual and business accounts in Nedbank. Searchspace’s patented technology allows the system to automatically interpret and act upon vast amounts of transactions as they are processed through the system. Unusual activity is immediately alerted to the analysts in Nedbank’s group regulatory risk services for further investigation. Searchspace claims the system is capable of detecting both known and previously unknown patterns of money laundering behavior while minimizing costs through the reduction of false positives.
Michael Spiteri, financial services sector lead at IBM South Africa, said, As Searchspace’s premier global partner in the implementation of anti money laundering solutions, IBM South Africa is excited to have jointly implemented the first solution in the country. Our global relationships allowed us to combine the best practice solution with local market tailoring to ensure that it delivered against the bank’s requirements.
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