UK-based Searchspace currently monitors nearly 500 million accounts a day working with regional, national and global banks.
Searchspace patented technology allows software to automatically interpret and act upon vast amounts of transactions as they occur. Searchspace says the technology is crucial for assisting regulatory compliance, risk mitigation and brand protection. Every transaction is monitored for unusual activity, immediately notifying compliance staff about those that may require further investigation and providing them with automated administration of cases found.
Endorsed providers earn the ABA’s support only after a thorough due diligence review by its affiliate, the Corporation for American Banking (CAB). This is a critical application for our members and we wanted a proven solution that had a strong track record in our market, said John Wolff, CAB Executive Director.
Searchspace points to the US banking industry’s heightened regulatory standards for Bank Secrecy Act compliance, as the reason why a growing list of financial institutions have adopted Searchspace’s technology to detect money laundering and protect against fraud. It says Searchspace technology is capable of detecting known and unknown patterns of fraudulent behavior while minimizing costs through the reduction of false positives.
Jason Kingdon, CEO, Searchspace, said, This is a very important endorsement and one that hopefully starts to bring clarity to what is a very complex and growing issue. Terrorist financing, money laundering and financial crime are making unprecedented demands on the financial services industry and finding ways of tackling these issues successfully is of fundamental importance to all of us.
