Germany's Commerzbank has gone live with message filtering and anti-money-laundering technology designed to flag up suspicious payments ahead of the introduction of the Single Euro Payments Area (Sepa) legislation on 28 January.
It is using OFAC Guard from ACE Software Solutions to stop the money-launders, installing the tool in its Frankfurt head office to be run in offices internationally via a web browser to scrutinise more than 100,000 transactions each day.
Sepa is legislation that sets out new rules covering cross-border Euro payments, and should bring down the cost of cross-border charges and give European banks easier access to new markets.
On the downside, however, the regulation change could play into the hands of criminals by making some forms of organised crime easier to conduct undetected.
OFAC Guard is capable of scanning high volumes of payment messages against various watchlists from national governments and other authorities, and flagging up suspicious matches.
Commerzbank's vice-president Mark Rosner said Commerzbank selected ACE's software "to help manage our anti-money laundering obligations, based on a technical fit with our requirements."
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