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Searchspace Showcases Anti-Money Laundering Solution

Searchspace, a leading provider of intelligent software systems, demonstrated its suite of automated anti-money laundering solutions at the IIR Anti-Money Laundering Auditing and Compliance conference in New York. Based on Searchspace's Intelligent Enterprise Framework (IEF), Searchspace has provided solutions to several major banks around the world, including the Bank of New York, Royal Bank of Scotland, Barclays and Bank of Scotland.

Money laundering schemes have become increasingly complex, forcing many financial institutions to develop more sophisticated prevention systems. Recent regulatory changes have made reporting procedures even more stringent in some countries. As a result, many banks invest heavily in technology that quickly becomes obsolete as money launderers find new ways around the system. The Searchspace IEF leverages Artificial Intelligence (AI) for an adaptable system that stays abreast of new money laundering schemes as they develop. Further, the solution is fully automated for round-the-clock monitoring.

"Combating money laundering has become a game of leap frog for many financial institutions, as they struggle to stay a step ahead of the money launderers. In addition to being very costly, the technology race detracts banks from more productive, profit-focused initiatives," said Konrad Feldman, CEO for Searchspace Corp. "Searchspace addresses this with AI-based technology that quickly adapts to new schemes without the need to constantly upgrade existing AML technologies. Our systems never become a part of the organizations' legacy."

Searchspace is a sponsor of the Anti-Money Laundering Auditing and Compliance conference, hosted by the Institute for International Research (IIR). Searchspace's automated anti-money laundering solutions were viewed at the conference, held at the Warwick Hotel in New York from September 10-12.

About Intelligent Enterprise Framework

IEF connects existing enterprise management systems and provides a complete end-to-end automated system that tackles business issues such as anti-money laundering, fraud detection, compliance reporting, risk management and opportunity detection. IEF leverages Artificial Intelligence to automate key operational processes, freeing the organization to focus on core competencies.

About Searchspace

Searchspace is a premier provider of intelligent software products that enable the world's leading organizations to realize the promise of the "Intelligent Enterprise." Searchspace helps clients derive value from existing assets, enabling real-time enterprise-wide responses to opportunities and risks, while driving efficiencies. Searchspace has provided solutions to a number of the world's leading financial services organizations. Clients include Bank of New York, Archipelago, Royal Bank of Scotland, Barclays, Bank of Scotland and Lloyd's of London. Contact Searchspace at www.searchspace.com.

Contact Kate Lothian of Searchspace, +44-20-7255-1065.