Searchspace, based in the US and the UK, has launched the latest version of its AML solution. V4.1 offers application and system integration, management reporting, and detection capabilities. Over 50 per cent of the world’s largest banks already use the Searchspace AML solution to detect money laundering and meet increasing complex regulations. Money laundering is seen as the lifeblood of terrorist financing and is thought to be between 2-5 per cent of global GDP. The introduction of AML V4.1 will allow customers to speed up the process of installation and integration into their existing systems. The functional improvements in V4.1 focus on infrastructure support and enhanced integration, and reporting capabilities. “IBM partners closely with Searchspace to help banks analyze the mass of data represented by the vast array of banking products, millions of customers and billions of transactions that take place every day,” said June Felix, general manager of risk and compliance at IBM. “The introduction of V4.1 has enhanced the detection capabilities of Searchspace’s AML solution and makes it easier to customize to specific customer needs without compromising system management.”
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