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Claire Rees8 Jul 22

Scottish Building Society choose Jade ThirdEye to fight financial crime

Established in 1848 the Scottish Building Society is the world’s oldest remaining building society.  The Society, which offers savings and mortgage accounts has seen its balance sheet grow by nearly 40% in the last 2 years, the best results in its 174-year history.

Scottish Building Society approached Jade ThirdEye as they were looking to upgrade their existing transaction monitoring solution. The Risk and Compliance team were seeking a solution with the flexibility to create, manage and change Anti-Money Laundering and Financial Crime rules to react rapidly to changing circumstances.  As a cloud-based managed service, the solution was particularly attractive as it is automatically and regularly updated.

Derek Johnston, MLRO, recalls, “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. We were very impressed with the level of support Jade ThirdEye provided during implementation, assisting with data integrity to enable a smooth transition from our old solution and ultimately ensure the most effective transaction monitoring results. The team is also on hand to support 24/7 in creation, management and changing of rules should it be needed.”

Chris Holmes, Jade ThirdEye, Country Manager UK, commented, “As a growing organisation ourselves we are delighted to be working with the oldest remaining building society in the world to bring efficiencies to their Anti-Money Laundering and Financial Crime compliance process and provide a solution that will continue to scale with them over time.”


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