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April 17, 2005

Nedcor to use anti-money laundering technology from Searchspace

South African bank Nedcor is using anti-money laundering software from UK financial risk services provider Searchspace to monitor and identify suspicious activity across its organization.

By CBR Staff Writer

The bank said it is deploying the technology in an attempt to arm itself against the wave of terrorist financing in South Africa that spawned the Financial Intelligence Centre Act of 2001 (FICA). This requires certain institutions to introduce new anti-money laundering requirements including the training of employees, reporting of suspicious transactions to the Financial Intelligence Centre (FIC) and the retention of client information.

According to Searchspace, the software tracks every transaction for unusual activity to immediately notify compliance staff and provide them with an evidential audit to effectively manage the compliance process.

The company says this is the first implementation of its product in Africa.

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