American Bankers Association endorses Searchspace AML technology

Source: Searchpace

The American Bankers Association has announced the endorsement of the Searchspace Anti Money Laundering solution following an extensive due diligence process.

Built on best practice and designed for rapid deployment, the Searchspace AML software has established itself as one of the most effective and efficient solutions for tackling financial crime available on the market today.

Searchspace now monitors nearly 500 million accounts a day working with regional, national and global banks. Searchspace patented technology allows software to automatically interpret and act upon vast amounts of transactions as they occur. The technology is crucial for assisting regulatory compliance, risk mitigation and brand protection. Every transaction is monitored for unusual activity, immediately notifying compliance staff about those that may require further investigation and providing them with automated administration of cases found.

Endorsed providers earn the ABA's support only after a thorough due diligence review by its affiliate, the Corporation for American Banking (CAB). "This is a critical application for our members and we wanted a proven solution that had a strong track record in our market," said John Wolff, CAB Executive Director. "We selected Searchspace based on its market leading capabilities and demonstrated ability to meet the needs of national, regional and local financial institutions."

With the US banking industry being subjected to heightened regulatory standards for Bank Secrecy Act compliance, a growing list of financial institutions have adopted Searchspace's technology to detect money laundering and protect against fraud. Searchspace technology is capable of detecting known and unknown patterns of fraudulent behavior while minimizing costs through the reduction of false positives.

"This is a very important endorsement and one that hopefully starts to bring clarity to what is a very complex and growing issue. Terrorist financing, money laundering and financial crime are making unprecedented demands on the financial services industry – and finding ways of tackling these issues successfully is of fundamental importance to all of us. The ABA undertook an extensive survey of the market and we are very pleased for Searchspace to have won this process. It validates our commitment to continued product investment and the development of dedicated services to help organizations fight financial crime," said Jason Kingdon, CEO, Searchspace.

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