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Commerzbank gets ready for Sepa
Bank enlists ACE help to stop money laundering…

By Julian Goldsmith

Published: Tuesday 15 January 2008

Commerzbank is using filtering technology to flag up suspicious payments as part of its preparations for the Single Euro Payments Area (Sepa), due to come into force on 28 January.

Cheat Sheets

♦ Basel II
♦ MiFID
♦ Sarbanes-Oxley

Germany's second largest bank has implemented message filtering software from payment specialist ACE Software Solutions to safeguard it from money laundering scams.

The software will be installed in the bank's Frankfurt office and run from locations all over the world, using a web interface to help it securely run over 100,000 transactions a day.

Sepa is an instrument that lays down conventions on cross-border Euro payments. It should pave the way for cheaper cross-border payments charges for consumers across Europe and allow European banks to move into new markets much more easily.

But the Sepa changes also mean there will be a greater opportunity for organised crime to move money around Europe to avoid detection.

The filtering software Commerzbank is installing will check messages against official watch-lists to identify potentially suspicious transactions and flag them before they are completed.

In a statement, Commerzbank VP Mark Rosner said: "Commerzbank initially selected ACE's [software] to help manage our anti-money laundering obligations, based on a technical fit with our requirements. We are committed to providing the best possible service to our clients and have invested time and resources in making sure that Commerzbank is fully ready for Sepa."