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Crédit Agricole to implement Norkom anti-money laundering technology

18 July 2006  |  4632 views  |  0 grid

French bank Crédit Agricole is rolling out anti-money laundering and compliance software from Norkom Technologies across its retail banking operations.

Norkom says its anti-money laundering and watch list management software will be used to monitor banking transactions to detect suspicious and criminal behaviour using behavioural profiling, link analysis and case management technology.

When unusual activity is identified, prioritised alerts will automatically be issued to a team of investigators. The software will also monitor transactions against various 'watch lists' to identify high-risk individuals, organisations or countries and prioritise investigations.

In addition to enabling faster and more accurate identification of fraudulent customer activity, Norkom says its software will also streamline Crédit Agricole's existing compliance and financial crime management systems and procedures.

Herman Verrelst, director of European operations, Norkom Technologies says the technology can operate as a stand alone system or as part of a fully integrated financial crime and compliance software suite to counter all types of fraud.

"This means that our technology can be scaled to meet the future requirements of our clients' ongoing financial crime and compliance strategy on an international basis for its global operations and across all of its business lines and products," adds Verrelst.

The technology will be implemented across the bank's retail operations in France in several phases over the next 18 months.

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