UK-based financial trading firm IFX Markets is implementing STB Systems' anti-money laundering solution, STB-Detector and regulatory reporting software, STB-Reporter.
The implementation will deliver a regulatory and compliance database to automate a number of regulatory controls, combining anti-money laundering and automated reporting to the Financial Services Authority (FSA).
STB-Detector will be used to analyse daily account movements, which are checked against a history of individual client activity. The system will identify suspicious activity across peer groups of similar accounts and screen all client details against official sanction lists.
STB-Reporter, which utilises the same compliance database, will output position, foreign exchange and counterparty risk capital resources requirements as well as exposures reports and other mandatory FSA schedules including balance sheet, and profit and loss reports.
Michael Thomas, Group CEO, STB Systems, says the vendor is able to cover all of the key control issues a financial institution faces in a single implementation.
"STB's rules based solution makes it an ideal choice across the entire financial sector, not just one niche," he adds.