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Interviews available on how thinking computers can fight financial crime


The Problem

· US Senate Sub committee report out on Monday (05.02.01) estimates $1 trillion of 'dirty money' is laundered each year - about half of it through the US

· Estimates show $7bn flowed from Russian criminals to the west via banks in London, New York & Switzerland

· UK risks getting a 'sleazy' image on financial crime according to evidence given at the Commons international development select committee on 23.01.01

The Rhetoric

· Everyone is united in need to tackle the problem but real action is needed

· Financial Action Task Force, an international group associated with the Organisation for Economic Co-operation and Development (OECD), has agreed a 40 point plan for curbing the activity

· US Treasury recently issued voluntary guidelines

· In October 2000, 11 of the world biggest banks agreed voluntary code of practice to combat money laundering

· The Bank of International Settlements (BIS), which is owned by the world's central banks is proposing much tougher identification rules for bank customers allowing penetration of offshore centres

The Solution

· Transactions need to be monitored and interpreted in order to develop profiles of customers on an ongoing basis

· Impossible to do this via traditional methods as there are millions of customers conducting millions of transactions everyday, most of them electronically

· State-of-the-art artificial intelligence technology is now available to track transactions and act automatically to detect activities which may lead to money laundering and notify the user of such activities

· Computers can now act as an electronic police force to help banks, government authorities and businesses track down illegal activity

About Searchspace

· Searchspace provides this second generation, intelligent technology that is already being used to monitor complex transaction patterns in banks, stock exchanges and B2B exchanges.

Notes for editors

If you would like to speak to someone at Searchspace to find out how its artificial intelligence technology is being used in the fight against money laundering please contact Jonathan Hughes on 020 7465 7019 or Catherine McFarland on 020 7465 7092

More information on Searchspace is available from: http://www.searchspace.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Ketchum in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.