UK-based compliance shop STB Systems is to roll out its anti-money laundering software package to financial institutions in East Asia.
"Recent developments, including the introduction of the Patriot Act by the US Treasury Department, have made Asian financial institutions even more concerned about the risk of exposure to illegal money laundering activity," explains Simon Chen, regional manager of STB Systems (Asia-Pacific).
"We believe that customers in East Asia will welcome the availability of a purpose-built anti-money laundering solution," says Chen.
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.