The bank will utilise the framework to detect suspicious activities and support regulatory compliance obligations across the company.
Searchspace monitors account transactions for unusual behaviours and alerts staff to instances that may require further investigation. The software also provides evidential audit to manage the compliance process.
Comments Roy Melnick, group money laundering control officer, Absa: "We have partnered with Searchspace and IBM to implement the system which will form the cornerstone of our comprehensive AML program. The Searchspace technology will assist us in achieving regulatory compliance, risk mitigation and most importantly brand protection."
The latest deal comes six months after Searchspace clinched its first South African contract with Nedcorp in April.