Sweden's FöreningsSparbanken (Swedbank) is implementing anti-money laundering and compliance software from Norkom Technologies across its group operations.
Dublin-based Norkom says the bank will use its software to increase protection against financial crime and to comply with national and international regulations including the third EU Money Laundering Directive.
The technology will monitor transactions across all Swedbank's customers and accounts to detect, investigate, manage and report suspicious behaviour.
The vendor says its software uses sophisticated analytics to improve detection of suspicious activity. In addition, step-by-step investigation workflows and comprehensive alert and case management capabilities improve the investigation process, significantly reducing costs and increasing productivity.
"As well as meeting the bank's current anti-money laundering requirements, in the future Swedbank will be able to benefit from the flexibility of our technology platform and its ability to address other types of financial crime across the enterprise," says Norkom's chief commercial officer, Liam Griffin. "This provides Swedbank with the security of knowing that it can cost effectively evolve its use of the Norkom platform as its business needs change and grow."
"The Norkom solution will be a key ingredient to accurately detect and efficiently investigate money laundering activities," adds Katarina Bromé, head of operational risk and compliance at Swedbank. "The flexibility of the solution to be extended into other areas of financial crime is also an important factor for Swedbank."