Scottish Building Society taps AML firm Jade ThirdEye to upgrade security

Scottish Building Society has selected Jade ThirdEye to upgrade its existing transaction monitoring solution and boost its digital security.

Scottish Building Society taps Jade ThirdEye

Jade ThirdEye is a software-as-a-service (SaaS) anti-money laundering (AML) firm that automates the transaction monitoring and watchlist screening components of AML and financial crime compliance.

The company has offices in York (UK), New Zealand and Australia.

Scottish Building Society says Jade ThirdEye’s cloud-based solution was “particularly attractive” during the selection process as it is “automatically and regularly” updated, enabling the company to react rapidly to changing circumstances.

“Choosing Jade ThirdEye provides our members with further peace of mind that the Society has taken enhanced measures to protect against money laundering and financial crime,” says Derek Johnston, chief risk officer at Scottish Building Society.

“The team is also on hand to support 24/7 in creation, management and changing of rules should it be needed,” he adds.

Established in 1848, Scottish Building Society is the world’s oldest remaining building society, offering savings and mortgage accounts.

It claims to have seen its balance sheet grow by nearly 40% in the last two years – the “best” results in its 174-year history.