UBS Switzerland today announced that it is employing software
from UK developer Searchspace to protect against money laundering.
The software will scan all transactions that flow through the bank
“to provide continuously adaptive profiles of all individuals”.
Every transaction will be monitored, analysed and assessed for
risk.
With the ability to identify unusual activity for all entities
and individuals, Searchspace says its Anti-Money Laundering product
“stays a step ahead of money launderers, as they try to find ever
more creative ways around the system.”
Financial services companies have faced increasing pressure
since September 11th to identify money laundering. The London Stock
Exchange also uses Searchspace’s software to detect insider trading
and other illegal share dealing practices.
Disclaimer: We hope you find OUT-LAW’s content useful. It’s prepared by the lawyers at Pinsent Masons. Please remember, though, that it’s intended as general information only. It’s not legal advice. If that’s what you’re seeking, please
contact us. See also: our
full disclaimer
