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Risk Management

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Merrill Lynch implements Mantas' Money Laundering Monitor and Broker Surveillance Monitor applications to detect money-laundering; South Africa's Standard Banking Group licenses Algorithmics' Algo Collateral platform.

Merrill Lynch will implement Mantas' Money Laundering Monitor and Broker Surveillance Monitor applications to detect money-laundering efforts through its account. The Mantas Behavior Detection Platform analyzes every transaction to look for behavior within an account or among various accounts for illegal or unethical behavior. The Money Laundering Monitor alerts users to staged deposits or withdrawals of mixed monetary instruments, foreign electronic transactions, changes in inactive account behavior, transactions in accounts without investment activity, rapid movements of funds, transfers between unrelated accounts, hidden account relationships and other behaviors indicative of illegal activity. The products are expected to be fully deployed in the first half of 2003.

South Africa's Standard Banking Group has licensed Algorithmics' Algo Collateral platform for its global credit collateral requirements. Standard Bank plans to roll out Algo Collateral globally to its Standard Corporate and Merchant Bank in Q1 2003 and Standard Bank London in Q3 2003 as well as Hong Kong and Brazil at later dates. Separately, HBOS, a UK-based financial-services organization, has implemented Algorithmics' Algo OpRisk Data module for its operational risk data. HBOS is using the data infrastructure to collect loss and near miss data across its business lines.

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