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Hanley Economic Building Society Enhances Anti Money Laundering Controls with STB Systems
STB Systems, a world leader in regulatory and compliance software, has signed an agreement to implement its anti-money-laundering solution, STB-Detector, at Hanley Economic Building Society. Hanley Economic Building Society (HEBS), a North Staffordshire based society, selects STB-Detector to enhance anti-money-laundering controls.
August 22, 2004 -- STB Systems, a world leader in regulatory and compliance software, has signed an agreement to implement its anti-money-laundering solution, STB-Detector, at Hanley Economic Building Society. Hanley Economic Building Society (HEBS), a North Staffordshire based society, selects STB-Detector to enhance anti-money-laundering controls.
STB-Detector will analyse all daily account movements for suspicious activity, taking data from STB-SuperConsolidator, which provides the linkage to the Societys core system, Lynx Financials Summit. STB-Detector builds a complete history of individual account activities against which it will compare what is happening on those accounts. As well as spotting anything unusual within an account, the system will identify unusual activity across peer groups of similar accounts, providing HEBS with an automatic analysis of everything the system considers suspicious. The whole process is then managed by HEBS as a part of its comprehensive anti-money-laundering procedures.
By implementing STBs technology, HEBS will significantly improve the level of transaction checking performed. This will help HEBS to spot trends or changes in usual behaviour in a way that cannot be achieved purely through manual processes. HEBS, which will celebrate its 150th anniversary on October 21, 2004, aims to combine the traditions and roots of a mature organisation with the efficiency of a modern business and operates as a successful mutual organisation, with high quality customer service at its core. With the introduction of technology, HEBS continues to balance the many requirements of regulators and law enforcement agencies with those of the local community that they serve.
Commenting on the agreement, Michael Thomas, Group CEO of STB Systems said, "We welcome Hanley Economic Building Society as an STB client and are delighted that HEBS have selected STB-Detector. HEBS can be confident in knowing that they join a client list that clearly shows STB Systems as the UK market leaders in regulatory reporting and now anti-money- laundering solutions also. Once again, the flexibility of STB's solution makes it the ideal system right across the financial sector. As HEBS continue to automate and enhance systems and controls throughout their organisation, the consolidated data held within STB-SuperConsolidator may be used for further projects. We look forward to a long and mutually beneficial relationship with HEBS".
Chris Hassall, Secretary and MLRO of HEBS said, The progressive demands for us to be able to carry out a comprehensive monitoring of account movements, has become increasingly evident to us over recent years. We have been looking for a suitable IT based solution for some time now and chose STB-Detector based on their proven existing experience and their willingness to work with us to tailor their system to meet the specific needs of a regional building society like us. We also look forward to a long and mutually beneficial relationship.
Hanley Economic Building Society
Hanley Economic Building Society is a locally based, (North Staffordshire), mutual Building Society that is 150 years old in October 2004.
By tailoring our service to individual customer needs, we can demonstrate the value of a choice proposition, whether that is through a selection of mortgage options from a variety of lenders or with value for money products from a wide choice of financial service providers.
Hanley Economic Building Society is authorised and regulated by the Financial Services Authority. Hanley Economic Building Society subscribes to The Banking Code. If you would like a Banking Code leaflet ask a member of staff at any branch. Full details of the Code are also available from the following website: www.bankingcode.co.uk Hanley Economic Building Society subscribes to The Mortgage Code. If you would like a Mortgage Code leaflet ask a member of staff at any branch. Full details of the Code are also available from the following website: www.mortgagecode.com The Hanley Economic Building Society is a member of the General Insurance Standards Council. www.gisc.co.uk
Hanley Economic Building Society
Granville House
Festival Park
Hanley
Stoke-on-Trent
ST1 5TB
Freephone: 0800 5428790
Fax: (01782) 873161
E-Mail: customerservices@thehanley.co.uk
http://www.thehanley.co.uk
STB Systems
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 with offices in London, New York, Hong Kong and Singapore. STB's solutions are designed to automate the presentation of critical controls that protect financial institutions, handling both internal and external reporting to satisfy relevant regulatory bodies and assist in compliance with anti-money-laundering procedures. The company is one of just five recognised by the Bank of England for electronic reporting output and works closely with many other respected industry bodies.
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. This allows them to meet the constantly changing demands of regulatory, management, risk and other compliance reporting. STB's core competence puts them at the forefront of regulatory and compliance technologies, offering best of breed solutions for their customers.
Company: STB Systems Limited
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