17 January 2018
visit http://response.ncr.com

STB Systems to launch money-laundering detection software

14 March 2002  |  3228 views  |  0 STB Systems to launch money-laundering detection software

UK-based compliance shop STB Systems will next week launch a new software package designed to help financial institutions unearth evidence of money laundering activity within their organisations.

STB-Detector is based on a set of rules that describe money laundering activity and which can be updated continuously. The system probes into different data throughout a financial institution looking for activity that matches the rules. The system can probe multiple disparate databases, obviating the need to set up discrete data warehouses. Alerts are then issued to prompt compliance managers to investigate and reconcile or report to the authorities.

The software, which is already being installed at insitutions in the USA and will be presented to UK banks at the Barbican next week, applies detailed account opening controls, tracks and profiles all account activity, and manages review and follow-up workflows of suspicious or poorly documented transactions, says the company.

Industry estimates suggest that $0.5 - $1.5 trillion is laundered annually.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Vendors parade their wares at money laundering show

Vendors parade their wares at money laundering show

20 February 2002  |  3519 views  |  0 comments
Americas Software wins UK and French anti-money laundering orders

Americas Software wins UK and French anti-money laundering orders

12 February 2002  |  2980 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.thomsonreuters.infovisit www.niceactimize.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11552 views comments | 15 tweets | 17 linkedin
BNP Paribas Asset Management completes fund transaction blockchain testBNP Paribas Asset Management completes fun...
10161 views comments | 14 tweets | 33 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
9604 views comments | 32 tweets | 34 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9468 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9197 views comments | 17 tweets | 13 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job