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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