COCC, a US provider of next generation technology services for financial institutions, has convinced five institutions to install its automated anti-money laundering (AML) system.
COCC says that its AML solution compiles a compliance database from multiple transaction sources, it then uses this to update the system and check for anomalies in transactions. It found it automatically alerts the bank and identifies potential money-laundering suspects. When suspicious activity is discovered, bank personnel can then view all the information involved in identifying that activity as well as decisions made and actions taken.
Money laundering is estimated to involve more than $1.5 trillion dollars worldwide each year. With money center banks largely protected by sophisticated anti-money laundering (AML) technologies, the illegal activity now flows to smaller financial institutions.
COCC expects further AML product sales as regulators step up their pressure on community banks and credit unions.