Dublin-based Norkom Technologies has signed Allied Irish Bank (AIB) to its anti-money laundering and compliance software.
AIB will roll out the technology across its Irish, UK, Polish and capital markets operations to ensure compliance with the third EU Money Laundering Directive.
The directive requires banks to implement a risk-based approach to AML compliance. Firms must match the degree of risk presented by each customer with an appropriate and variable level of monitoring activity, investigation and prioritisation.
"We will use Norkom to assist us in establishing a base line risk profile for each customer at account opening and to instigate an appropriate level of monitoring activity," says Philip Brennan, group general manager, regulatory compliance, AIB. "Both the risk profile and the level of monitoring will be adjusted if the pattern of the financial transactions or other key factors change over the lifetime of the relationship. In this way, we can be confident that that the degree of scrutiny applied to each customer is directly correlated to risk."