Sweden's Skandinaviska Enskilda Banken (SEB) has signed a deal for the worldwide installation of NetEconomy's Erase Compliance Manager anti-money laundering software.
The phased implementation will cover 18 countries and will consist of multiple installations of the Erase system, which monitors and identifies money laundering and terrorist financing activity across multiple channels, product lines and geographies.
The central hub of the system of will reside in Sweden with additional satellite installations, amongst others, in Singapore and Russia.
The vendor says SEB Unibanka in Latvia recently went live with the Erase platform after a three month implementation. The next phase of the deployment is now underway to support SEB's Eastern European banking operations and this scheduled to go live in six months.
Future phases will see implementation of the technology across SEB's merchant banking, Nordic retail and private banking, card services and Germany operations. The system is expected to be live across all SEB groups in 2007.
NetEconomy says its Erase platform will provide SEB with a dashboard for monitoring AML operations across the entire enterprise. The system will be used to monitor over 100 million transactions each month across more than 10 million accounts.
Jan Persson, head of group security at SEB, says: "With a project of this size and complexity it was crucial for SEB to select a solution and a company that fulfilled both the regulatory and SEB's demands. NetEconomy demonstrated a superior enterprise class solution offering exceptional system flexibility, configurability and scalability."