June 17, 2002, Armonk, NY: IBM and Searchspace today announced they are implementing a comprehensive Anti-Money Laundering (AML) solution for Wells Fargo & Company.

Wells Fargo joins a growing number of top tier financial services organizations to select an IBM and Searchspace solution to combat money laundering.

The new solution, utilizing Searchspace's Intelligent Enterprise Framework(TM) (IEF) and AML Sentinel(TM) 3.0, will provide Wells Fargo with comprehensive, enterprise-wide AML monitoring covering all areas of business including consumer, corporate, private client, brokerage and wholesale banking.

"After reviewing the Anti-Money Laundering solutions available, Wells Fargo determined that Searchspace and IBM had the strongest offering to meet our aggressive compliance deadlines and effectively mitigate operational risk," said Tammy Stacey, senior vice-president of compliance, Wells Fargo. "We were impressed with the completeness of the solution and recognized the power of the IEF to support a broad range of fraud and opportunity detection functions beyond AML compliance."

Searchspace software is providing Wells Fargo with an automated AML solution that has the ability to monitor and analyze every transaction that flows through the organization. Based on advanced Artificial Intelligence, the software finds those transactions that are unusual and determines which merit attention. This comprehensive approach of monitoring all transactions helps mitigate risk and provides the most effective means for fighting money laundering.

"Combating money laundering is a complex task requiring the ability to continuously adapt and discover new schemes as they emerge. We are pleased that Wells Fargo has selected this proven solution from Searchspace and IBM and we look forward to working with Wells Fargo to enhance its risk management infrastructure," said Konrad Feldman, CEO of Searchspace Corp.

Searchspace is an IBM global strategic alliance partner. Searchspace software has been optimized to run IBM e-infrastructure technology, including IBM's DB2 database software, Websphere Internet Infrastructure software and Websphere MQ Series messaging software, as well as AIX, a version of the UNIX operation system, which runs on IBM eServer pSeries. This pre-optimization helps IBM and Searchspace deliver an effective solution quickly, in as little as three months.

"IBM and Searchspace have assembled a 'fast track' anti-money laundering solution that can help financial services organizations meet pending deadlines without compromising on performance," said Mark Greene of IBM. "Through our strategic alliance, we've been able to optimize the Searchspace software on IBM platforms and greatly reduce time to implementation."

About Searchspace
Searchspace is a leading provider of enterprise decision automation software that enables organizations to monitor customer data in real-time to create true business insight. Searchspace products automate core business processes, such as Anti Money Laundering, fraud detection, compliance reporting and opportunity management. Searchspace systems currently manage billions of transactions daily, empowering companies to track, analyze, and act upon each and every customer experience in real-time. With mature, proven technology, Searchspace provides solutions to some of the world's leading financial institutions, including Archipelago, The Bank of New York, Bank of Scotland, Barclays, Lloyd's of London, Lloyds TSB, London Stock Exchange, The Royal Bank of Scotland and UBS. For more information visit www.searchspace.com/