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Norkom signs St George Bank to AML software

23 May 2008  |  5369 views  |  0 magnifying glass

Australia's St George Bank is implementing anti-money laundering and compliance software from Dublin-based Norkom Technologies.

St George will use the technology to comply with Australia's recently enacted Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Act.

The system will enable the bank to monitor and analyse every transaction and customer interaction across its customer base for suspicious activity.

When unusual activity is identified, prioritised alerts will be automatically issued to a team of investigators to begin a comprehensive investigation process to uncover potential criminal behaviour, says the vendor.

Steve Bryant, AML/CTF programme director, St George, says: "Norkom's software suite not only enhances our protection against financial crime, but also enables us to ensure effective legislative compliance. We chose Norkom because of its proven technological ability, its highly referenceable global client base, and its commitment to provide a truly world-class service locally, here in Australia."

Norkom has targeted the Australian market over the last couple of years, opening offices in Sydney and Melbourne and signing several banks to its compliance software.

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