20 July 2018
Visit www.gemalto.com

IBM and Searchspace clean up at Lloyds TSB

19 August 2002  |  6331 views  |  0 IBM and Searchspace clean up at Lloyds TSB

UK bank Lloyds TSB has spent six months implementing a bank-wide anti-money laundering (AML) system from IBM and Searchspace.

The Searchspace AML system monitors and analyses every transaction that flows through an organisation. Leveraging advanced artificial intelligence, the AML solution analyses transactions to determine those which merit attention from the compliance staff.

The system detects customer behaviour that represents risk by using a process known as adaptive profiling. The software compares each transaction to a customer's respective account history as well as against a representational peer group. This automated approach helps mitigate risk and provides the most thorough means to stop money laundering.

Nick Cane, IBM managing director for Lloyds TSB Group says: "In implementing this system, Lloyds TSB is leading an industry move towards intelligent AML systems that provide dynamic monitoring thereby enabling accurate AML risk management. The growing pressure of regulation in the US and EU will force others to follow suit."

IBM was responsible to Lloyds TSB for the implementation of the Searchspace solution, which has been pre-optimised for the IBM platform.

Ron Whatford, director of group operations at Lloyds TSB says: "We were impressed with both the rapid implementation of the system and the comprehensive AML capabilities that the IBM/Searchspace system has given us."

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

UK banks extend crackdown on money laundering

UK banks extend crackdown on money laundering

15 July 2002  |  3957 views  |  0 comments
Financial firms have no faith in anti-money laundering software

Financial firms have no faith in anti-money laundering software

05 July 2002  |  4452 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.comVisit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12911 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10352 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9756 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6788 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6593 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job