Searchspace Launches Anti Money Laundering Software for the Insurance Industry

Business Wire,  Dec 16, 2002  

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Business Editors/High Tech Writers

NEW YORK--(BUSINESS WIRE)--Dec. 16, 2002

Focused Solution to Assist Insurance Companies in Meeting the Proposed U.S. Treasury Department Anti Money Laundering Rules Supporting the USA PATRIOT Act

Searchspace today announced the extension of its line of sophisticated Anti Money Laundering (AML) software to include an offering that addresses the unique needs of the insurance industry. The solutions will help insurance companies meet rigorous new requirements proposed by the U.S. Treasury Department to combat money laundering involving insurance companies.

Stemming from Title III of the USA PATRIOT Act, and its amendments to the Bank Secrecy Act (BSA), the proposed rules detail the requirements for Anti Money Laundering programs for insurance companies. Life insurance and annuity products are the primary focus of the proposed rules as they are considered by the Treasury's Financial Crimes Enforcement Network (FinCEN) to represent the area of most significant money laundering and terrorist financing risks.

One of the fundamental methods employed to detect money laundering and terrorist financing within the financial services industry is the use of computer software to detect `suspicious' behavior. The current inability to detect such behavior poses a significant regulatory and reputational threat to the insurance industry.

Through the use of advanced Artificial Intelligence (AI) technology, the Searchspace solution is able to automatically understand the business environment and systematically identify behavior that is suspicious and may represent a risk to the institution.

"For large insurance companies, systematically identifying potentially suspicious behavior means interrogating the huge transaction volumes that they process every day relating to their millions of customers, accounts and policies" said Konrad Feldman, CEO of Searchspace Corp., "This new Searchspace AML offering, specifically tailored for the insurance industry, will help insurers efficiently meet stringent new regulations from the USA PATRIOT Act and effectively manage this key risk to their organizations."

The insurance industry offering is built on the Searchspace Intelligent Enterprise Framework (IEF)(TM). The IEF(TM) is a comprehensive platform that captures all transactions that flow through the organization and develops intelligent adaptive profiles to understand them within context. Searchspace Sentinel(TM) products -- individual business applications for the IEF -- are able to detect specific risk behavior, such as money laundering within an insurance company. The Searchspace offering for insurers includes the IEF and Sentinel software.

Each transaction (policy initiation, premium payment, transfer, redemption, etc.) is individually assessed and dynamically analyzed according to how it behaves and compares against the expected `normal' behavior of the customers, products and transactions to determine if they represent risk. Compliance management staff are then presented with high-risk situations and a detailed reasoning to substantiate each risk identified.

Numerous Sentinels can run simultaneously on the IEF, enabling the organization to automatically identify behavior indicative of money laundering and detect various forms of fraud that may threaten the organization.

About Searchspace

Searchspace is a leading provider of enterprise decision automation software that enables organizations to monitor business activity to create true business insight. Searchspace products automate core business processes, such as Anti Money Laundering, Fraud Detection, Compliance Reporting and Opportunity Management. Searchspace systems currently manage hundreds of millions of transactions daily, empowering companies to track, analyze, and act upon each and every customer experience and business action. With mature, proven technology, Searchspace provides solutions to some of the world's leading financial institutions, including Archipelago, Bank of Scotland, Barclays, Helaba, Lloyd's of London, Lloyds TSB, London Stock Exchange, The Bank of New York, The Royal Bank of Scotland, UBS, UBS PaineWebber and Wells Fargo.

For more information visit www.searchspace.com

(c) Copyright 2002 Searchspace. Intelligent Enterprise Framework (IEF), IEF and Sentinel are either registered trademarks of Searchspace in the European Union, United States, and/or other countries.

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