Norwegian banking group DnB Nor is rolling out anti-money laundering and compliance software from Dublin-based Norkom Technologies across its operations in 11 countries.
The bank will use the financial crime and compliance software to support an enterprise-wide strategy to combat money laundering and terrorist financing and ensure compliance with national and international regulations, including the third EU money laundering directive.
Norkom says the software will enable the bank to monitor and analyse every transaction and customer interaction to detect, identify and investigate suspicious and criminal behaviour.
The software will also monitor transactions against various 'watch lists' to identify high-risk individuals, organisations or countries and prioritise investigations.
The bank will also use Norkom's customer due diligence software which assigns risk ratings to customers at account opening and then continually reassesses their behaviour and alerts bank investigators if unusual or suspicious activity is detected.
Commenting on the implementation, Tor Ivar Mysen, SVP, financial crime, 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."
Liam Griffin, Norkom's chief commercial officer says DnB NOR selected the Norkom package following an extensive market review and consulting other 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," says Griffin. "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."