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Wednesday, Sep 04, 2002

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SDG unveils software to detect money laundering

V. Rishi Kumar


SDG Software Technologies, a Hyderabad-based surveillance software solutions provider for the financial markets, has developed BankAlert - anti-money laundering software - targeting various financial institutions and the banking sector.

The Managing Director of SDG Software, Mr Suheim Sheik, told Business Line that with several co-operative banks and financial institutions collapsing due to mismanagement, software of this nature would serve as an early warning system and will help initiate necessary preventive steps and ensure that a mechanism is in place to address these issues. Even simple preventive mechanism is not there in most places.

Mr Sheikh said money laundering and fraud detection activity is on the upsurge and the regulatory authorities such as the RBI and the US Federal Reserve are seeking ways to curb this menace. When institutions put in place such a system, they will have the advantage of an early warning system that detects some abnormal behavioural patterns and transactions. This ensures preventive steps.

Explaining the software features, Mr Sheikh said BankAlert is a comprehensive fraud detection software, which helps banks comply with the most stringent reporting requirements and detect fraud, based on the transaction data of their customers. This incorporates all the reports and forms prescribed by the regulatory authority as essential for fulfilling various forms, and enables the institution to store voluminous information on each customer for multi-dimensional analyses of customers.

The heart of the software is a mechanism that analysts can effectively manage and features alerts. A pre-configured priorities based classification facilitates the users by filtering out numerous parameters and detects only those that are necessary to help analyse an unfamiliar pattern wherever it occurs in the system.

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