UBS Selects Searchspace To Combat Money Laundering
London (ots)
Searchspace, a leader in intelligent software systems, today announced that UBS has joined a growing number of top tier banks that have selected the Searchspace Anti-Money Laundering (AML) solution. UBS will use Searchspace's Intelligent Enterprise Framework (IEF) for proactive detection and management of suspicious transactions indicative of money laundering.
"UBS decided to enhance its transaction monitoring to better address the rapidly changing banking demands we are experiencing worldwide. After considerable due diligence we are confident that UBS has selected a sophisticated, state-of-the-art product. We can meet recent changes in compliance requirements and will be prepared for future changes in AML policy as they occur", said Hans-Peter Bauer, Chief Risk Officer of UBS Switzerland.
IEF forms the backbone for enterprise automation, enhancing existing systems to allow end to end transaction monitoring. Once in place, Searchspace Sentinels offer a range of plug-in products that act like an "electronic workforce" automating pattern recognition and business management tasks comprising process monitoring and compliance reporting. This "electronic workforce" monitors and analyzes every transaction that flows through an organization to proactively manage risk as it happens.
"UBS has joined a growing list of global financial institutions that have adopted the Searchspace AML solution. We believe that the ability to integrate disparate business functions through a single business framework as well as demonstrate a Sentinel's capability prior to installation is key to the value of this new and exciting area of enterprise monitoring software", said Jason Kingdon, CEO of Searchspace.
About UBS
UBS is one of the leading global financial firms, serving a diverse client base ranging from individuals to multinational institutions and corporations. The Group manages CHF 2.457 trillion of invested assets for clients worldwide.
UBS is present in all major financial centers worldwide, with 1,500 offices in 50 countries, employing 70,000 people, 42% of whom are in Switzerland and 39% in the US. UBS is a Swiss public company, listed on the Swiss stock exchange, the New York stock exchange and the Tokyo stock exchange. For more information visit www.ubs.com
About Searchspace
Searchspace is a leading provider of intelligent software products that enable the world's financial organizations to understand, interpret and respond dynamically to activity as it takes place within their business. Searchspace has developed a new generation of enterprise software offering a new quality of automated decision-making. Searchspace helps clients derive value from existing infrastructure, enabling real-time enterprise-wide responses to opportunities and risks, while driving efficiencies. Searchspace system's currently manage over a trillion dollars a day with clients that include the Bank of New York, Archipelago, Barclays, Royal Bank of Scotland, Bank of Scotland and Lloyd's of London. For more information visit www.searchspace.com.
© Copyright 2002 Searchspace. Searchspace, Intelligent Enterprise Framework (IEF), IEF and Sentinel are either registered trademarks of Searchspace in the European Union, United States, and/or other countries.
Contact:
Kate Lothian
Searchspace
Phone +1/44-0-20-7255-1065
E-Mail: k.lothian@searchspace.com
Chris McManus
CenterStage Communications
Phone +1/718-832-3054
E-Mail: chrismcmanus@centerstagecomm.com