Saffron Walden Herts & Essex Building Society has deployed NetEconomy's risk management software, Erase, to detect and monitor suspicious transactions and money laundering activity.
Erase profiles financial behaviour by monitoring transaction streams and other customer data, providing a comprehensive view of all customer activity. The system also automates all compliance procedures.
Christopher Murphy, head of compliance at the Society, says: "It is vital that we have the technology in place to efficiently manage and minimise risks and assist us in complying with the latest anti-money laundering regulations."
Netherlands-based NetEconomy says the implementation shows that Erase can be used by smaller institutions as well as by larger tier one banks.