The UK's Portman Building Society has contracted with STB Systems for the supply and implementation of its anti-money laundering solution, STB-Detector.
STB Detector will be used to detect and monitor suspicious account activity. The rules-based solution also identifies unusual activity across peer groups of similar accounts.
Andrew Jones, group secretary, Portman Building Society, says the software will significantly improve the level of transaction checking performed: "This will help us to spot trends or changes in usual behaviour in a way that cannot be achieved purely through manual processes."
He adds that nobody can afford to be complacent, especially with the Proceeds of Crime Act now in place.
STB says Portman is the first building society to select the STB Detector package.