The Union Bank of California is implementing technology from UK-based Searchspace to detect and monitor suspicious transactions and money laundering activity across the enterprise.
Searchspace says its anti-money laundering technology sifts through transactional data in search of both known and unknown patterns of suspicious behaviour and alerts compliance staff to any transactions that require further investigation. Automated administration of cases found are also provided.
Commenting on the implementation, Kevin Vorwerk, SVP and division manager, bank operations and services, Union Bank, says: "Working closely with Searchspace we have been able to implement the system on time and within budget.
"The system has already contributed towards our objectives of effective and efficient compliance with today's regulations."