Principality has partnered with Jade ThirdEye to enhance its ability to detect and prevent money laundering and financial crime.
This collaboration sees Principality join over a third of UK building societies using ThirdEye’s Software as a Service (SaaS).
Principality Building Society has over 50 branches and 14 agencies across Wales and its border, offering savings accounts and mortgage solutions to over 500,000 members.
Kara Conlon, head of financial crime at Principality Building Society, said: “Jade ThirdEye will significantly enhance our Financial Crime Team’s efficiency.
“By automating transaction monitoring, the team can dedicate more time to investigating suspicious activities and safeguarding our Members from financial crime – helping make more possible for them, and the communities we serve by ensuring a safer financial environment.
“They offer the flexibility to create, adjust, and manage Anti-Money Laundering and Financial Crime rules, enabling quick responses to evolving risks.
“As a cloud-based managed service, it is particularly appealing due to its automatic and regular updates, ensuring the system remains current and effective – supporting our ability to adapt and innovate in ways that benefit our members.”
Claire Rees, ThirdEye’s financial crime regulatory specialist, added: “We are delighted that Principality chose Jade ThirdEye to enhance their Anti-Money Laundering and Financial Crime compliance.
“We look forward to supporting them in their fight against financial crime with a solution designed to scale with their needs over time.”
