Source: Mantas
Mantas, Inc., a leading provider of behavior-detection technology for the financial services industry, today announced that Neuragenix Pty Ltd, an Australian software development and specialist consulting organisation providing security and compliance solutions, has joined the Mantas Global Alliance Program.
Neuragenix will assist Mantas with sales, marketing and implementation of Mantas' anti-money laundering, trading compliance and broker compliance products within Australia and across the Asia Pacific region.
"This alliance represents a considerable step forward in ensuring that Australian financial institutions have access to world class solutions for the detection and prevention of money laundering and terrorist funding. This is becoming increasingly important in Australia, as the country seeks to enhance its local anti-money laundering regulations, and as Australian financial services organisations strive to satisfy the compliance requirements of the Patriot Act in the USA and the Proceeds of Crime Act in the UK." said Travis Lewis, Director (Risk and Compliance Solutions) at Neuragenix.
"Australian financial institutions now have the opportunity to viably deploy enterprise wide compliance technologies, which are currently being used in the leading financial institutions in the US and UK. This provides a significant step forward in ensuring our local institutions can match the expectations of their global counterparts."
"The Neuragenix-Mantas alliance further cements our global presence and illustrates our ability to offer enterprise wide compliance solutions throughout the world," said Raymond Hee, director of business development, Asia Pacific, Mantas. "The Neuragenix-Mantas relationship offers our Australian clients access to a highly specialized team who have global experience in the design and implementation of enterprise compliance solutions."
The Mantas Behavior Detection Platform is designed specifically to tackle tangled webs of complex behavior that underlie money laundering, fraud, stock market manipulation, and other challenging problems. In the case of money laundering, for example, the suspicious behavior may be spread over a number of deposits and across many accounts.
Mantas solves this challenge through its use of such standard technologies as rule matching and text mining, combined with a series of proprietary and complex algorithms such as Link Analysis, which can find hidden relationships between accounts, and Sequence Matching, which can line up events in chronological order and find sequentially numbered monetary instruments and other suspicious patterns of activity.