Calyon Financial Inc., adopted a software to detect and manage money laundering and market abuse.
NetEconomy’s ERASE Financial Crime Suite will be used in the United States, France, Spain, the United Kingdom and Singapore.
For each implementation the software will provide Calyon Financial with list checking capabilities including Office of Foreign Assets Control (OFAC), Politically Exposed Persons (PEPs), Non-cooperative Countries and Territories (NCCT).
The software is supposed to detect high-risk suspicious activity that could result in money laundering or abusive trading practices such as wash trading, track suspicious cases, automatically record an audit trail for regulator review.
“Besides being a cost-effective and fast-to-implement solution, ERASE offered the most capability-rich solution of all the vendors we evaluated, said Rick Jackson, vice president of project management for Calyon.