Out-Law / Your Daily Need-To-Know

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.

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