Nope, it uses UE3. Though Bioware's mastery of lighting techniques certainly puts it above most if not all UE3 titles.
They've also tweaked the built-in bloom filter and added their custom film noise filter to make the general look more distinctive.
ME2 changed stuff again, it's a bit more clearly UE3 but the art style is now unique and polished enough to separate it from the dozens of other UE3 games.