Absa has implemented an anti-money-laundering solution from Searchspace to monitor the bank`s accounts for unusual activity.
Absa says it has partnered with Searchspace and IBM to implement the system, which will form the cornerstone of its anti-money-laundering programme.
The technology has effective detection capabilities and will help Absa to monitor every transaction and each individual account, says Roy Melnick, Absa`s money laundering control officer.
The software helps with automatic interpretation of vast amounts of data, assisting regulatory compliance, risk mitigation and brand protection, he adds.
"Every transaction is monitored for unusual activity, immediately notifying compliance staff about those that may require further investigation and providing staff with an evidential audit to effectively manage the compliance process."
The local banking industry is facing increased regulatory pressure and the Financial Intelligence Centre Act imposed duties on certain institutions to introduce new anti-money-laundering requirements, says Absa.
Absa joins a growing list of South African banks adopting the technology, says Searchspace CEO Jason Kingdon.
The group, which says more than half of the world`s top 25 banks uses its solution, lists among its clients Absa, Nedbank, Chevy Chase Bank, Lloyd`s of London, Lloyd`s TSB, London Stock Exchange, Soci'et'e G'en'erale, The Bank of New York, UBS and The Royal Bank of Scotland.
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