Logica solution to help RTM combat money laundering

Wednesday, March 2, 2011

Brazil's largest financial services operator, Rede de Telecomunicações para o Mercado (RTM), is combating money laundering with a solution from UK IT services firm Logica, the latter company said in a statement.

Logica's HotScan AML solution analyzes transactions in real time and requires little human interaction, resulting in cost reductions and efficiency gains, the company said. Logica offers HotScan in a software as a service (SaaS) model and allows banks to personalize their interaction with the system.

RTM uses the payment-filter platform to help connect its users to the SWIFT network - the world's largest for financial transfers - while complying with Brazil's new guidelines to prevent funding of terrorism.

Start your 15 day free trial now!


Already a subscriber? Please, login

RTM also anticipates HotScan will bring down the number of "false positives" detected by banks.

Estimates on the value of money laundered annually range from US$500bn-1.5tn globally, Logica said.