UBS is to introduce a new automated money laundering detection system using technology from UK software house Searchspace.
Under the agreement, UBS will deploy Searchspace’s Intelligent Enterprise Framework (IEF) as the backbone infrastructure for proactive detection and management of suspicious transactions indicative of money laundering. Searchspace Sentinels provides the bank with a range of plug-in products to automate pattern recognition and business management tasks comprising process monitoring and compliance reporting.
Hans-Peter Bauer, chief risk officer of UBS Switzerland, says the new system will allow the bank to meet recent changes in compliance requirements and enable it to be prepared for future changes in AML (anti-money laundering) policy as they occur.
UBS Group currently manages CHF 2.457 trillion of invested assets for clients worldwide.