West Bromwich Building Society installs STB anti-money laundering system
26 July 2005 | 2091 views | 0
Source: STB Systems
STB Systems, a world leader in regulatory & compliance software, has installed its anti money laundering solution, STB-Detector, at West Bromwich Building Society.
WBBS has been very aware of "know your customer" regulations and the need to strengthen its anti-money laundering procedures. The installation of STB-Detector has enhanced this further.
STB-Detector analyses all daily account movements for suspicious activity, taking data from STB-SuperConsolidator, which provides the linkage to the Society's core systems, including Unisys's UFSS. STB-Detector builds a complete history of individual account activities against which it compares what is happening on those accounts. As well as spotting anything unusual within an account, the system identifies unusual activity across peer groups of similar accounts, providing WBBS with an automatic analysis of everything the system considers unusual. The whole process is then managed by WBBS as a part of its comprehensive anti-money laundering procedures.
By implementing STB's technology, WBBS will see significant improvements in the level of transaction checking performed. This will help WBBS to spot trends or changes in usual behaviour in a way that cannot be achieved purely through manual processes.
Speaking about the implementation, Michael Thomas, Group CEO, STB Systems, said, "We are very pleased to welcome West Bromwich Building Society as an STB client. WBBS can be confident in knowing that they join a client list that clearly shows STB Systems as the UK market leaders in this type of anti money laundering solution.
The flexibility of STB's solution makes it the ideal system right across the financial sector. As WBBS continues to automate and enhance systems and controls throughout their organisation, the consolidated data held within STB-SuperConsolidator may be used for further projects. We look forward to a long & mutually beneficial relationship with WBBS."
Rob Hine, WBBS Information Security Manager, commented, "Without this behaviour monitoring software, suspicious activity can be lost in the detail of transaction reports that do not show changes in behaviour of the operation of an account over a particular period of time. The West Brom is very happy with how STB-Detector works and the benefits it brings to the anti-money laundering process."