Cap Gemini Ernst & Young UK and Norkom Technologies have launched a money laundering detection syste...
Cap Gemini Ernst & Young UK and Norkom Technologies have launched a money laundering detection system.
Money Laundering Detection and Prediction (MLDAP) analyses operational transactions and monitors suspicious money flows.
It is designed to help financial institutions meet increased regulatory requirements and recognise fraud so they are in a better position to detect possible money-laundering activity. Karl O'Connell, senior vice president, marketing and alliances, Norkom Technologies, said: 'On the one hand financial institutions are coming under increasing regulatory pressure to address the serious issue of money laundering. However, on the other it is increasingly hard to detect laundering activities due to advanced technology and an increase in customer channels. MLDAP will not only analyse operational transactions, but the sophisticated software will also look into the behavioural aspects of suspicious individuals.'
MLDAP combines business rules and domain knowledge with data mining techniques and predictive analytical software to help organisations monitor and track suspicious behaviour, detect and predict how, where and when money-laundering activity might take place, produce management reports and identify and deliver suspicious cases to the regulatory authorities. It is aimed at all regulated financial services companies, including retail and wholesale banks, insurance companies, securities and fund management operations.
Distribution is through intermediaries. The product, subject to regulatory approval, is likely to be offered in Israel, South Africa, Sweden, the Channel Islands and the Isle of Man.
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