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Marshall & Ilsley Bank rolls out Searchspace anti-money laundering software

26 October 2004  |  2805 views  |  0 cash - dollars

US-based Marshall & Ilsley Bank (M&I Bank) is deploying technology from Searchspace to detect suspicious transactions and money laundering activity across its retail lines of business.

The bank will roll out Searchspace's anti-money laundering software - which provides systematic account monitoring of bank transactions - in order to automate the detection of suspicious activity.

The vendor says its software enables firms to automatically interpret and act upon vast amounts of data, and enables the capture of both known and unknown patterns of suspicious behaviour.

Every transaction is monitored for unusual activity. The system immediately notifies compliance staff of transactions that require further investigation and provides them with an evidential audit.

Searchspace, which was founded in 1993 as a spin-out from University College London, says its software is used to monitor over 400 million accounts in regional, national and global banks.

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