Iceland's Kaupthing Bank has implemented anti-money laundering technology from FircoSoft designed to detect high risk counterparties and alleviate the risk of processing illegal transactions.
The Nordic bank has installed the technology ahead of tighter EU rules on the prevention of money laundering and terrorist financing.
FircoSoft's Ofac-Agent watch list filtering software is currently employed by some 250 banks worldwide.
In July, three Icelandic banks - Landsbanki Islands, Glitnir Bank, Sparisjóabanki/sparisjodirnir(Icebank) - and the Central Bank of Iceland announced plans to jointly implement anti-money laundering and transaction monitoring technology from Norkom.