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.