The State Bank of India is to deploy anti money laundering software from UK-based compliance vendor STB Systems at its Hong Kong branch.
STB Systems says that bank will implement its STB-Detector and STB-Reporter products along with its Hong Kong Monetary Authority reporting solution.
The software will be used to detect and monitor suspicious activity and screen transactions and payments against lists of terrorists, narcotics traders and other individuals and corporations considerd to be high risk.
Alan Railton, general manager, STB Systems (Asia-Pacific) Limited, says the bank is the first customer for the STB-Detector product in the Asia Pacific region.
"In these difficult times these are key areas of focus that need to be addresses globally if we are to have a real impact on the movement of terrorist and drug money," adds Railton.