Wells Fargo has contracted with IBM and Searchspace to introduce a comprehensive anti-money laundering solution across its operations.
The solution, utilising Searchspace's Intelligent Enterprise Framework (IEF) and AML Sentinel 3.0, will provide Wells Fargo with enterprise-wide monitoring covering all areas of business including consumer, corporate, private client, brokerage and wholesale banking.
"After reviewing the anti-money laundering solutions available, Wells Fargo determined that Searchspace and IBM had the strongest offering to meet our aggressive compliance deadlines and effectively mitigate operational risk," says Tammy Stacey, senior vice-president of compliance, Wells Fargo.
She says the bank may use the SearchSpace IEF to support a broad range of fraud and opportunity detection functions beyond money laundering compliance.
Searchspace software has been optimised to run IBM's DB2 database software, Websphere Internet Infrastructure software and Websphere MQ Series messaging software, as well as AIX, a version of the Unix operation system, which runs on IBM eServer pSeries.
As a result, the two vendors claim they can deliver an effective solution quickly, in as little as three months.
"IBM and Searchspace have assembled a 'fast track' anti-money laundering solution that can help financial services organisations meet pending deadlines without compromising on performance," says IBM's Mark Greene.