BNZ Girds for Money Laundering Rules with New Software

Countries all over the world are tightening money laundering rules, particularly as payments become more digital and sophisticated. To follow the rules in its own country and help it adjust to regulatory changes in other jurisdictions, Bank of New Zealand (NZDUSD) has embarked on a new project that will centralize and expand detection of money laundering and terrorism funding.

The security project will make use of an internally managed suite of Oracle (ORCL) services to spot and flag suspicious transactions, as well as adhere to the country’s AML/CFT (anti-money laundering and counter terrorism funding) law that’s scheduled to go into effect in June 2013.

“This automation allows us to collect and analyze our data in new ways, meaning our financial crime intelligence will be even more comprehensive and sophisticated — ready to deter and detect potential crime as early as possible,” says Shelley Ruha, director of payments and operations for BNZ, who adds the decision to centrally manage the technology as opposed to outsourcing enhances the bank’s control over its crime prevention efforts.

Detailed news link: here