Abbey rolls out NetEconomy anti-money laundering software
26 April 2004 | 5983 views | 0
UK bank Abbey is installing NetEconomy's Erase product to comply with the Financial Services Authority's (FSA) anti-money laundering regulations and to detect and monitor fraudulent activity across the enterprise.
The FSA fined Abbey £2 million in December last year for failing to comply with anti-money laundering and Know Your Customer (KYC) regulations at its retail banking division, and a further £320,000 for breaches at its asset managers business.
The investigation also found wider control failings, including inadequate monitoring of regulatory risks, across the group.
Netherlands-based NetEconomy says its Erase UK Compliance Manager Solution is designed to help firms address FSA regulations, including KYC requirements and reporting of suspicious activity to the National Criminal Intelligence Service (NCIS).
The product automatically monitors every account, customer and transaction and generates alerts of suspicious activity. Erase also features user-friendly investigation and case management tools that speed-up inquiries, manage automated reporting and maintain an audit trail for regulator review.
Amanda Hughes, the money laundering reporting officer (MLRO) at Abbey, says: "By selecting NetEconomy's Erase, we go to the next-level in terms of compliance best-practices and technology efficiencies for managing, investigating and reporting money laundering and fraudulent activity."