UBS PaineWebber has selected an anti-money laundering solution from Searchspace to meet new requirements established for the securities industry under the USA Patriot Act.
At PaineWebber the software will be applied to all transactions conducted by the New York-based wealth management outfit.
The solution is based on Searchspace's AML Sentinel 3.0, an anti-money laundering application that runs over the vendor's Intelligent Enterprise Framework (IEF). IEF is an enterprise platform that captures every transaction within an organisation, pulling disparate data sources together for ongoing analysis.
The order expands on a contract signed in March with PaineWebber parent company UBS in Switzerland.