The UK's Co-operative Bank has contracted with IBM's newly-launched European Financial Crime unit in London for the supply and implementation of an anti-money laundering (AML) system.
The AML system will consist of Searchspace's Sentinel software, IBM WebSphere middleware and IBM eServer pSeries systems. IBM Business Consulting Services is leading the strategy, planning and integration of the Searchspace technology with the bank's existing infrastructure.
The system will automate the detection of suspicious activity by providing systematic screening of transactions.
The Searchspace software enables firms to automatically interpret and act upon vast amounts of data and allows the capture of both known and unknown patterns of suspicious behaviour. The application alerts compliance staff to any transactions that require further investigation, and provides them with an evidential audit to effectively manage the compliance process.
Steve Howlett, head of financial crime prevention unit and MLRO, Co-operative Bank, says: "The solution needed to facilitate continuing compliance with legislation and regulation, which form part of the ongoing campaign being waged by the regulators, our partners and ourselves to tackle the ever-present problem of financial crime."
The deal is the first for IBM's new London-based unit, which was established following the success of a similar unit in New York.