Searchspace has extended its line of anti-money laundering (AML) software to include a solution to help insurance firms detect fraud and comply with USA Patirot Act regulations.
Searchspace says the new software is based on its Intelligent Enterprise Framework (IEF) and Sentinel products and compares new tranactions with expected or 'normal' behaviour to detect suspicious activity.
Konrad Feldman, CEO of Searchspace, comments: "For large insurance companies, systematically identifying potentially suspicious behavior means interrogating the huge transaction volumes that they process every day."
This new Searchspace AML offering, specifically tailored for the insurance industry, will help insurers efficiently meet stringent new regulations from the USA Patriot Act and effectively manage this key risk to their organisations, adds Feldman.