Spain's Banco Santander is set to roll out anti-money laundering software from Dublin-based Norkom Technologies across its AML units.
Under the terms of the agreement, Banco Santander can deploy this suite across all its European and Latin American operations with the first implementation planned in Spain.
Norkom says its technology will help the bank comply with national and international regulations, such as the 3rd EU Money Laundering Directive.
The enterprise-wide AML and watch list management software will monitor Banco Santander transactions across all customers and accounts to detect, investigate, manage and report potentially suspicious behaviour.
The bank will be automatically alerted if any individual or entity attempting to transact with it is listed on watch lists issued by the regulators.
In addition, Norkom says its software's step-by-step investigation workflows and alert and case management capabilities will improve investigation processes, cutting costs and improving the AML teams' productivity.
Alain Tayenne, general manager, Norkom Europe, says: "This is a significant deal for Norkom not only because it marks our strategic entry into Spain but also because it enables us to count six of the world's top ten banks as clients."