French banking group Société Générale is implementing a risk management system from IBM and Searchspace to monitor and detect money laundering activity across its retail banking operations.
The risk management package comprises of Searchspace's anti-money laundering software, which will automate the detection of suspicious activity by providing systematic screening of transactions across the bank's retail lines.
Searchspace says its AML system monitors and analyses every transaction and alerts compliance staff to suspicious any that require further investigation.
The system will be delivered and implemented by IBM Business Consulting Services.
Gilles Leflambe, EVP banking services, Société Générale, says: "We chose IBM and Searchspace technology because their anti money laundering product is proven to be scalable enough to deal with multiple lines of business and capable of handling millions of transactions per day."
Jason Kingdon, CEO of Searchspace, adds: "Société Générale needed a solution that is scalable, proven across all banking products, and that is capable of dynamically keeping pace with patterns of money laundering."