MALAYSIAN COMPANY DEVELOPS SOFTWARE SOLUTION TO TACKLE MONEY LAUNDERING

By R. Ravichandran and Norshazlina Nor Azman

KUALA LUMPUR, July 20 (Bernama) -- A Malaysian company has developed a
full-fledged financial software solution that enable financial institutions to
comply with anti-money laundering and counter-financing terrorism regulatory
requirements.

Called Intelligent Sensor for Money Laundering (Coral iSEM), the product was
developed by TESS Innovation Sdn Bhd in collaboration with Universiti Malaya.

TESS chief executive officer B.Y. Liew told Bernama in an interview that it
took the company about one year to complete the development of the product which
was launched few months ago.

Coral iSEM is a highly configurable and intelligent anti-money laundering
solution with in-built detection mechanism to trace fraudulent transactions with
efficiency and pinpoint accurate capabilities, Liew said.

"This is a complete end-to-end solution to enable financial institutions and
others to manage the system in efficient and effective manner in tracing
fraudulent transactions," he said on the sidelines of the International
Conference on Financial Crime and Terrorism Financing 2010 here.

Liew said the product comes with a complete alert management system that
will trigger alerts for any suspicious customers or transactions.

The system will also generate various reports as required for internal usage
and for external authorities, he said.

Coral iSEM also comes with a secured Web-based system in compliance with the
most stringent banking web application security and audit guidelines, he added.

Liew said target groups for the product were financial services
institutions, insurance companies, unit trust management companies and
securities services.

"So far, we have received good and positive feedback from the local market,"
he said.

Besides Malaysia, the company hoped to penetrate the African and Asian
markets, including the Middle East.
-- BERNAMA


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