Williams De Broe Plc enhances regulatory reporting and anti money laundering controls with STB Systems

STB Systems, a world leader in regulatory & compliance software, has today signed an agreement to implement its regulatory reporting solution, STB-Reporter and its anti money laundering solution, STB-Detector, at Williams De Broe Plc.

November 28 2003--Williams De Broe Plc (WDB), a part of the ING Group, selects STB-Reporter to automate regulatory reporting and STB-Detector to enhance anti money laundering controls. STB Systems a leading Compliance software specialist is providing enhanced automated reporting to the FSA and software to assist with enhanced anti money laundering procedures.
WDB will complete the implementation of STB-Detector to provide enhanced anti money laundering controls within the next few months. WDB will begin installation of STB-Reporter to provide automated reporting to the Financial Services Authority as a second phase to the project.
STB-Reporter, the regulatory reporting system which utilises data held within STB-SuperConsolidator, will automate regulatory reports including balance sheet and profit and loss reports to the Financial Services Authority. STB-Detector will access the same consolidated database to provide anti money laundering controls.
STB-Detector will analyse all daily account movements for suspicious activity. The system will build a history of individual account activities against which it will compare what is happening on those accounts today. As well as spotting anything unusual within an account, the system will identify unusual activity across peer groups of similar accounts, providing WDB with an automatic analysis of everything the system considers suspicious. The whole process is then managed by WDB as a part of its integrated anti-money laundering procedures.
By implementing STBs technology, WDB will significantly improve the level of transaction checking performed. This will help WDB to spot trends or changes in usual behaviour in a way that cannot be achieved purely through manual processes.
Commenting on the agreement, Michael Thomas, Group CEO, STB Systems, said, "We are delighted that WDB has selected STB-Reporter and STB-Detector. The flexibility of STB's solution makes it the ideal system for so many institutions across the entire financial sector. The consolidated data held within STB-SuperConsolidator may be used for further projects as WDB continue to automate and enhance systems and controls throughout their organisation. We look forward to a long & mutually beneficial relationship with WDB".
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Notes to Editors:
Williams De Broe Plc
Williams De Broe Plc. is regulated by the UK Financial Services Authority and is authorised throughout the EU under the Passport scheme.
One of the longest established stockbroking firms in the City of London, Williams de Broas maintained its reputation for independent advice, quality of research and high standards of service for over 130 years.
Williams de Bros regulated by the Financial Services Authority. Williams de Bros a member of the London Stock Exchange and ISMA.
Williams De Broe Plc
London
P O Box 515
6 Broadgate
London
EC2M 2RP
Tel: +44 20 7588 7511
STB Systems
STB is one of the world's leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB is the market leader with offices in London, New York, Hong Kong & Singapore.
STB's solutions are designed to automate the presentation of critical controls that protect financial institutions, handling both internal & external reporting to satisfy relevant regulatory bodies and assist in compliance with anti money laundering procedures. The company is one of just five recognised by the Bank of England for electronic reporting output and works closely with many other respected industry bodies.
STB's solutions control & consolidate multiple data sources. The use of rules-based technology ensures a stable product, & allows for development of new solutions quickly & efficiently to meet the constantly changing demands of regulatory, management, risk & other compliance reporting. STB's core competence puts them at the forefront of regulatory & compliance technologies, offering best of breed solutions for their customers. www.stbsystems.com
Press contacts:
Anthony Hauton
STB Systems Limited
+44 20 7403 2188
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