Nedbank signs AML tool from Searchspace


Absa Group, South Africa's largest provider of internet banking by customer base, adopted the Searchspace solution in October 2005.

South African banks are subject to the Financial Intelligence Centre Act 2001 (FICA), which requires them to introduce new anti-money laundering requirements, including know-your-customer (KYC) and customer verification requirements.

Failure to implement a solution and monitor account activity in order to report on possible suspicious transactions could result in

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