A Malaysian company has developed a full-fledged financial software solution that enable financial institutions to comply with anti-money laundering and counter-financing terrorism regulatory requirements.
Called Intelligent Sensor for Money Laundering (Coral iSEM), the product was developed by TESS Innovation Sdn Bhd in collaboration with Universiti Malaya.
TESS chief executive officer B.Y. Liew told Bernama in an interview that it took the company about one year to complete the development of the product which was launched few months ago.
Coral iSEM is a highly configurable and intelligent anti-money laundering solution with in-built detection mechanism to trace fraudulent transactions with efficiency and pinpoint accurate capabilities, Liew said.
“This is a complete end-to-end solution to enable financial institutions and others to manage the system in efficient and effective manner in tracing fraudulent transactions,” he said on the sidelines of the International Conference on Financial Crime and Terrorism Financing 2010 here.
Liew said the product comes with a complete alert management system that will trigger alerts for any suspicious customers or transactions.
The system will also generate various reports as required for internal usage and for external authorities, he said.
Coral iSEM also comes with a secured Web-based system in compliance with the most stringent banking web application security and audit guidelines, he added.
Liew said target groups for the product were financial services institutions, insurance companies, unit trust management companies and securities services.
“So far, we have received good and positive feedback from the local market,” he said.
Besides Malaysia, the company hoped to penetrate the African and Asian markets, including the Middle East.
Source:http://www.bernama.com/bernama/v5/newsbusiness.php?id=515006
