Nedcor deploys Searchspace anti-money laundering technology

Nedcor deploys Searchspace anti-money laundering technology

South African bank Nedcor is implementing risk management technology from UK-based Searchspace to monitor and detect suspicious transactions and money laundering activity across the business.

Johannesburg-based Nedcor will use the IBM/Searchspace system to comply with national anti-money laundering regulations introduced in 2001.

The Searchspace software sifts through transactional data in search 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 manage the compliance process.

Commenting on the implementation, Andre Wentzel, group money laundering control officer, Nedcor, says the bank wanted an AML product "that could be easily integrated into our existing systems, capable of rapid deployment and built on best practice".

Searchspace says the Nedcor deal represents its first AML deployment in the African continent.

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