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Lloyds TSB picks IBM in anti-money laundering drive

UK bank gets tough...

By Jon Bernstein

Published: 21 August 2002 12:32 BST

Big four UK bank Lloyds TSB has turned to IBM and application provider Searchspace to implement a system to help it counter money laundering.

The Searchspace software - which monitors and analyses all transactions that flow through the bank - runs on a 12-processor IBM eServer pSeries. It uses three terrabytes of storage.

Financial institutions worldwide are adopting automated anti-money laundering (AML) solutions. Countries across the globe are passing tougher laws, such as the recently passed Patriot Act in the US, requiring financial institutions to increase AML efforts.

Ron Whatford, director of group operations at the bank said: "Combating money laundering has taken on a new significance and is a top priority for Lloyds TSB."

Lloyds TSB would not disclose the financial details of the deal.

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