The US Depository Trust & Clearing Corporation (DTCC) has implemented anti-money laundering software from Norkom Technologies which it is using to monitor trades passing through the utility for suspicious and fraudulent activity.
Norkom says the DTCC is using its specialised software to move towards monitoring over 50 million US domestic, fixed income and equity trades every day and build a complete profile of every customer in its business based on historical trading patterns.
The technology issues alerts to DTCC's investigations and compliance team when it identifies suspicious transactions that fall outside of normal parameters.
In an effort to hone its investigations, DTCC will allocate risk profiles to new and existing customers based on a number of factors. Sal Matera, DTCC VP, information services, says the risk profile allocated to each customer will determine the level of scrutiny applied by the technology when monitoring and investigating transactions.
Matera adds: "The Norkom solution is scalable and able to support a large number of transactions, on a national and international basis, and coupled with its strong case management capabilities can support the rigorous risk-based approach our regulators increasingly demand."