TEXT-Unisys, Nice deploy anti-crime system for DBS Bank
(The followins was issued by Unisys Corp (UIS.N) and Israel's Nice Systems (NICE.O) (NICE.TA)):
July 8 - Unisys Corporation (NYSE:UIS) today announced that its Singapore subsidiary and Actimize, a NICE Systems (NASDAQ:NICE) company, will implement an advanced financial crime surveillance system for DBS Bank that monitors transactions and analyzes potentially suspicious patterns across the bank's product channels.
DBS Bank is Singapore's largest financial institution and one of the largest financial services groups in Asia.
DBS is the first bank in Asia to install such a system on an end-to-end, cross-border and bank-wide basis. The system will enhance risk monitoring as compared to traditional bank surveillance systems that work only on a single-product channel and usually do not share information for smarter financial crime intelligence.
Unisys will deploy Actimize's fraud prevention and anti-money laundering solutions across DBS Bank's Asia Pacific operations. The enterprise-wide risk management platform and surveillance system will further enhance DBS Bank's capability to detect potential fraud, misconduct, money laundering and terrorism financing activities.
The solution uses advanced analytics that identify, manage and reduce potential risks by mining transactions for patterns that could be suspicious. The system responds to identified risks by sending automatic alerts to investigators.
"The leading-edge system implemented by Unisys and Actimize will enable DBS Bank to provide increased fraud protection to our customers by helping to prevent and swiftly detect the threat of fraud. In addition, it will assist us in complying with regional and global anti-money laundering and combating the financing of terrorism regulations," said Peter Hazlewood, managing director and group head of Compliance Services and Security, DBS Group.
The solution is driven directly by advanced analytics and business rules so that computing power can be allocated dynamically to support strategic business requirements with minimal human intervention. The analytical models adapt to constantly changing security threats.
The solution can be tuned based on thresholds, lists of suspicious entities, fraud patterns and many other parameters unique to each of the countries where DBS Bank will deploy the solution.
For example, one model can prevent a transaction or generate an alert when it sees an online bill payment above a threshold amount from an Internet location in a suspicious foreign country to a payee account with asuspicious address. Other models will detect and block remittances to or from known terrorist organizations.
"Unisys is leveraging the Actimize technology to help give DBS Bank visibility and manage financial crime risks across the entire enterprise, unlike most traditional bank monitoring systems that search for potential attacks in isolated systems that do not communicate," said Reuben Khoo, vice president and managing partner, Financial Services, Unisys Asia Pacific. "This holistic approach allows DBS Bank to realize benefits of secure business operations through increased operational efficiency and more intelligent risk monitoring."
In addition to the anti-money laundering and fraud models DBS Bank will deploy, the solution can be expanded to assist with securities trading compliance.
The solution's virtual data warehouse leverages the bank's existing infrastructure, including its business data warehouse and core banking systems. This will reduce implementation costs and time.
"Combining Unisys deep expertise in financial services and security solutions with Actimize's breakthrough enterprise risk platform gives banks like DBS Bank a powerful weapon against increasingly sophisticated criminals," said David Sosna, chief executive officer of Actimize.
