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Unisys And AGEC Team To Fight Money Laundering

Banker Middle East

26 January 2001

This story is reproduced by kind permission of Banker Middle East at: http://www.bankerme.com

In a timely move, Unisys has launched its e-@ction anti-money laundering (UAML) solution in the UAE. The software package, being sold through UAE-based Al Ghurair Enterprises for Computer, enables financial institutions to identify and monitor potential fraud and money laundering transactions to a higher level than has traditionally been available via manual means.

Through use of customer data, the package builds customer and transactional profiles, - both individually and generically - against which future transactions can be compared and suspect ones highlighted.

"UAML is not designed to turn bankers into policemen - neither the bankers or police want that," said Rowan Bosworth-Davies, Principal Consultant, Unisys strategic global business development programme; "Rather, it is intended to direct the normally limited compliance resources within an organisation to the most suspicious transactions."

The software highlights those transactions its rules consider suspicious. The organisation then takes the decision whether to investigate the transaction, customer or account - so decisions are always taken by humans, never the software itself.

The solution:

  • identifies and prioritises suspicious financial transactions
  • reflects international best of breed compliance standards
  • directs compliance efforts to where they are most needed
  • features a full audit history of who does what, and when.
  • Is free standing, fully scaleable and configurable to work with any system
  • Can be continually updated via a dedicated Web site

With the year-on-year rise in cyber crime, few provisions are being implemented by banks throughout the world," said Bosworth-Davies. "The absence of urgency to address the real risks posed by the emergence of e-commerce is troubling, particularly in the light of the International Counter-Money Laundering Bill passed by the US House Banking and Financial Services Committee in June and other pending European legislation."

Tapas Roy, Assistant GM of AGEC, said that "Keeping in line with regulatory authorities concerns in the region, and in particular the directives of the UAE Central Bank, we believe that the time is right for the UAE banking community to have systems like UAML in place to help minimise money laundering."

The package is set to be formally launched in the UAE during two sessions - one in Abu Dhabi and one in Dubai - after this issue of Banker Middle East goes to press.

During the sessions, Rowan Bosworth-Davies will take attendees through a short history of global money laundering, the crimes and criminal groups, the process of money laundering, the role of the MLCO and how to use an IT solution to develop best practice.

Unisys stresses that its system is easy to use, must not interfere with day-to-day business and must allow end users to retain control.

UAML has been tested on ten million transactions per day, working on an overnight batch basis. While critics may point out the system does not work in real time, Unisys has been quick to point out that having raised the issue with law enforcement bodies, the opinion is that reporting a suspicious transaction within 72 hours is perfectly acceptable. There is also an argument that because it does not work in real time, it operates more securely and efficiently as a standalone system.

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