LEUVEN, Belgium, November 19 /PRNewswire/ -- Norway's largest bank DnB NOR has chosen financial crime and compliance software from Norkom Technologies to support its enterprise-wide strategy to combat money laundering and terrorist financing.
Norkom's software will be rolled out across DnB NOR's operations in 11 countries to increase its protection against financial crime and to ensure effective compliance with national and international regulations including the 3rd EU Money Laundering Directive.
The Norkom software will enable the bank to monitor and analyse every transaction and customer interaction across its entire customer base to identify and investigate suspicious and criminal behaviour.
Using sophisticated matching techniques, the Norkom solution will automatically alert DnB NOR if any entity attempting to transact with it is listed on any of the industry's numerous and diverse watch lists. This will enhance the bank's defences and protect it from exposure to sanctions and from inadvertently conducting business with known or suspected criminals and terrorists.
In addition DnB NOR will benefit from Norkom's customer due diligence solution which assigns risk ratings to customers at the point of opening an account then continually reassesses their behaviour and alerts bank investigators if unusual or suspicious activity is detected.
Liam Griffin, Norkom's chief commercial officer said: "DnB NOR selected Norkom following an extensive market review and consulting other Norkom clients. A critical factor in its selection was the flexibility of Norkom's technology platform and its ability to address other types of financial crime, such as money laundering or fraud, without major investment in additional or new software. This provides DnB NOR with the security of knowing that it can evolve its use of the Norkom platform as its business needs change and grow. DnB NOR's partnership with Norkom is evidence of our leadership in the European market and the market's growing appetite for an enterprise-wide approach to financial crime and compliance."
Tor Ivar Mysen, Senior Vice President, Financial Crime at DNB NOR commented: "We are confident that we can improve our defences against money laundering and terrorist financing and ensure regulatory compliance on a global basis with Norkom. We were looking for a vendor whose approach, culture and solutions fitted with our financial crime and compliance strategy. Norkom demonstrated its proven international capability to address the challenges we face across our many locations and business operations and its ability to extend into new areas of financial crime."
Norkom is a market-leading provider of innovative financial crime and compliance solutions to the global financial services industry. Its software has been described as 'outclassing our competitors' by the analyst group, Celent, and recognized as 'The Best Technology Solution' in Complinet's 2007 compliance awards. Norkom was also voted 'The number one anti-fraud software' and 'The number one AML software' in the publication OpRisk & Compliance's software rankings survey.
The contract with DnB NOR builds upon Norkom's existing client base in over 100 countries, which includes four of the world's top 10 banks. Norkom's clients include HSBC, Credit Agricole, Fortis, Rabobank, Erste, Raiffessen Zentralbank Osterreich, Standard Chartered Bank and Western Union.
Media contact: Hilary Duffy, Marketing Manager, Norkom, Tel: +353-85-121-9414, hilary.duffy@norkom.com.
