IFX Markets Employs STB Anti-Money Laundering Solution
IFX Markets Limited, a UK primary market maker, will implement STB Systems’ STB-Detector and STB-Reporter, in a bid to strengthen anti-money laundering controls and automate regulatory reporting. STB-Reporter will deliver a regulatory and compliance database to automate a number of key regulatory controls, specifically combining anti-money laundering and automated reporting to the Financial Services Authority. STB-Detector, the anti-money laundering system, will analyse all daily account movements for suspicious activity. A history of individual client activity is built against which ongoing account movements are checked. As well as spotting unusual transaction flows within an account, the system will identify unusual activity across peer groups of similar accounts, providing IFX with an automatic analysis of everything the system considers suspicious.