Route Trading has unveiled a new anti-money laundering technology, dubbed Money router, to counter the growing menace of illicit money transfers taking place in the UK.

The new software will provide financial institutions with a real-time tool to track, manage threats, and prevent criminal money transfers.

According to the company, Money Router will allow financial institutions to set their own parameters in accordance with Money Laundering and Terrorism Financing Regulations.

To be launched in September this year, the platform features REAL-TIME processing. The company claims that its platform will almost eliminate room for error and prevent a fraudulent transaction from taking place by issuing a warning signal prior to the authorization of a transaction.

The instant end-to-end, identity verification system will check both the company and the individuals involved in a money transfer against an up-to-date compliance databases, enabling banks to approve only the transactions that meet the standards they set.

The company quoted a World Bank study according to which from 2015, over 50% of money transfer companies have had at least one bank account closed, and 28% of principals – the people who receive money – and 45% of handling agents – who pay out overseas – now have no bank account at all.

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