UBS spokesman Christoph Meier said the software bolsters anti-money-laundering efforts the bank already had in place, that allow it to search customer databases for people suspected by law enforcement agencies of being involved in terrorism or money-laundering schemes.
"UBS has long had a procedure to look at client transactions to comply with anti-money-laundering legislation in Switzerland, which is tough," Meier said. "Then, after 11 September, new dimensions were added to it."
Jeanne Capachin, an analyst at Meridien Research, said, "Banks are getting much more serious about the solutions, and they're taking a good look at the policies in place and the technology they're using."
UBS is installing software from London-based Searchspace which, it claimed, could track an individual's every transaction and build models that UBS can use to alert bank compliance officers to suspicious activities.
"The compelling part about this software is that it has artificial intelligence, and it's helping us look for behaviour patterns that are different from a client's usual behaviour. We can immediately discover if there is a deviation from a normal behaviour pattern," Meier said.
The software costs from £350,000 to £3.5m, depending on the number of transactions it must track.