South Africa's Standard Bank has gone live with anti-money laundering and fraud detection software supplied by Fortent.
Fortent was formed in June this year by the merger of anti-money laundering outfit Searchspace and Semagix, a provider of know your customer and due diligence products.
Standard Bank will use the technology to detect suspicious activity and to comply with government requirements for financial institutions to introduce anti-money laundering controls, including measures for customer identification.
Nadia Hoff, money laundering control officer at Standard Bank, says: "Being able to rapidly deploy Fortent’s software on time and to budget will enable us to comply with regulations."