Icelandic banks select Norkom anti-money laundering technology
03 July 2006 | 7849 views | 0
Three Icelandic banks and the Central Bank of Iceland are to jointly implement anti-money laundering and transaction monitoring technology from Norkom.
Landsbanki Islands, Glitnir Bank, Sparisjóabanki/sparisjodirnir(Icebank) and The Central Bank of Iceland worked together in a selection process through Reiknistofa Bankanna - the Icelandic Banks Data Centre.
The software will be implemented in several phases over the next nine months as a major part of the banks' commitment to enhance compliance with strict anti-money laundering regulations.
Norkom uses behavioural profiling and case management technology to detect suspicious and criminal activity in banking transactions. Once identified, prioritised alerts are automatically issued to the banks' investigators.
Norkom's software will also monitor the Icelandic banks' transactions against World Check and other watch lists to identify high-risk individuals, organisations or countries.