View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
January 11, 2006

Nedbank fights financial crime with anti money laundering solution

In response to the increasing pressure it has come under to meet South African regulatory requirements regarding money laundering detection, South Africa's Nedbank has deployed the Searchspace Anti Money Laundering Solution.

By CBR Staff Writer

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.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.