Leuven, Belgium, November 19 (ots/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
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.
ots Originaltext: Norkom Technologies
Im Internet recherchierbar: http://www.presseportal.ch
Media contact: Hilary Duffy, Marketing Manager, Norkom, Tel: