NetEconomy says the Saffron Walden Herts & Essex Building Society has chosen its ERASE UK Compliance Manager (ERASE) to improve its ability to identify, investigate and report suspicious transactions that indicate potential fraudulent or money laundering activity.
“As a mutual society we operate for the benefit of all our members,” says Christopher Murphy, Head of Compliance at the society. “Therefore it is vital that we have the technology in place to efficiently manage and minimize risks and assist us in complying with the latest anti-money laundering regulations. NetEconomy has been chosen by Saffron Walden Herts & Essex Building Society from the systems evaluated because it provides the most effective solution for identifying potential money laundering and fraudulent activity both now and in the future.”
“We are extremely happy to welcome the Saffron Walden Herts & Essex Building Society to the growing number of institutions implementing ERASE as their chosen anti-money laundering and anti-fraud solution,” adds John Bone, Sales Director, UK & Ireland for NetEconomy. “This choice clearly demonstrates that the type of technology provided by ERASE is no longer constrained to the larger tier one banks and that the smaller institutions can significantly benefit from the cost-effective, low maintenance aspects of deploying an ERASE solution.”
Founded in 1993, NetEconomy makes automated anti-money laundering and fraud detection systems for financial institutions and telecom businesses.