Korea's Woori Bank has chosen anti-money laundering technology from Dublin-based Norkom to help it comply with recently introduced AML regulations.
The deal marks Woori's first AML implementation following the introduction of a law on the issue in December 2007 and the establishment of a national Financial Intelligence Unit (FIU).
The bank will roll out Norkom's AML technology as well as a customer due diligence (CDD) system across its operations in Korea as well as some overseas branches that report into the headquarters.
Norkom says its AML system will enable Woori to monitor and analyse transactions and customer interactions across its entire customer base to identify and investigate suspicious and criminal behaviour.
Additionally the CDD system will assign risk ratings to customers at account opening, continually reassessing their behaviour over time and alerting bank investigators if unusual or suspicious activity is detected so that they can analyse the information and report to the Korean FIU.
Yoonchul Ahn, head, compliance, Woori Bank, says: "We are confident of achieving compliance with local Korean AML laws and global regulatory demands in an effort to expand our international business across Asia, USA and Europe."