- Customers demand a better way to spot Money Laundering
- Financial software specialist teams with leading accountancy firm
London, England – 12 November 2002 – STB Systems, a world leader in regulatory and compliance software, has signed an agreement with one of the UK’s leading accountancy firms and business advisors, RSM Robson Rhodes, to jointly market STB's AML (Anti-Money Laundering) and compliance reporting solutions in the UK and The Channel Islands.
Effective immediately, the agreement calls for both companies to co-operate to bring their specialised services to the financial community in the territory. RSM Robson Rhodes will offer training, procedural and system reviews, with STB implementing its software systems to complete the total solution for financial institutions. The main focus of the agreement is STB-Detector, the company's Anti-Money Laundering system, introduced in March 2002.
Julian Korek, Partner at RSM Robson Rhodes, commented, “Amendments to the Anti-terrorism Act in the UK, European anti-money laundering legislation and international regulations such as the Patriot Act in the US together with emerging best practice will accelerate the need for investment in technology by major financial institutions. Systems such as STB-Detector can streamline the process to allow them to comply with applicable regulations whilst controlling the cost”.
Commenting on the agreement, Michael J. Thomas, Chairman and Managing Director of STB Systems, said, "We are delighted to be working with RSM Robson Rhodes, one of the major forces in consulting to the financial community. With the USA Patriot Act there has been a huge increase in focus on money laundering, not just in the USA but internationally, followed the September 11 attacks. The UK's Anti-Terrorism, Crime and Security Bill means that financial institutions are further required to be on the lookout, and the combination of RSM Robson Rhodes services, and the STB-Detector product, will deliver this."
Estimates suggest that $0.5 - $1.5 trillion is laundered annually – money that ends up in the hands of criminals.
About RSM Robson Rhodes
RSM Robson Rhodes is a leading UK professional services firm and a member of RSM International, the world’s seventh largest accountancy and consulting organisation.The Financial Services Consulting Group consists of 135 staff providing professional services to Banking, Investment management and Insurance clients throughout the UK.
STB is one of the world's leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB is the market leader in London, New York and Hong Kong. STB's worldwide staff of 45 includes some 27 specialised technical and consulting personnel.
STB's solutions are designed to automate the presentation of critical controls that protect banking businesses, handling both internal and external reporting to satisfy relevant regulatory bodies. The company is one of just five approved by the Bank of England for electronic reporting.
STB's solutions control and consolidate multiple data sources. The use of rules-based technology ensures a stable product, and allows for development of new solutions quickly and efficiently to meet the constantly changing demands of regulatory, management, risk and other compliance reporting.
STB's core competence has led to new products for its customers in 2002, including the development of an anti money-laundering system. http://www.stbsystems.com
+44 118 984 3386
STB Systems Limited
+44 20 7403 2188
RSM Robson Rhodes
+44 20 7865 2181
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