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Where is that washing machine…

03 May 2005 Angelo Coppola

Searchspace monitors over 450 million accounts a day, working with regional, national and global banks.

Its software enables organisations to automatically interpret and act upon vast amounts of data, 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 an evidential audit to effectively manage the compliance process.

Says Andre Wentzel Group Money Laundering Control Officer at Nedcor, " In order to strengthen our anti-money laundering efforts we wanted to use the most effective and proven AML solution available on the global market today - one that could be easily integrated into our existing systems, capable of rapid deployment and built on Best Practice.

"It is essential for financial services organisations to be able to fully understand risk and proactively manage transactions that could represent money laundering behaviour.

Money laundering is estimated to be worth between 2-5% of the world's economy and is regarded as the lifeblood of terrorist financing. The last few years have seen enormous efforts from around the globe in order to tackle this problem and improve the basis for suspicious activity reporting.

The Financial Intelligence Centre Act 2001 (FICA), imposed duties on certain institutions to introduce new anti-money laundering requirements, which include the training of employees, reporting of suspicious transactions to the Financial Intelligence Centre (FIC) and the retention of client information.

In June 2003 South Africa was granted FATF [Financial Action Task Force] membership, an intergovernmental body that develops and promotes polices to combat money laundering.

Quick Polls

QUESTION

Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours

ANSWER

[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
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