Papua New Guinea's Bank of South Pacific (BSP) has signed for anti-money laundering and customer due diligence technology from Dublin-based Norkom.
The bank, which has operations on the Pacific Islands of Fiji, Solomon Islands and Niue, will implement Norkom's systems across its entire enterprise.
Norkom says it AML offering will enable the bank to detect and prevent money laundering and the financing of terrorism by monitoring and analysing every transaction and customer interaction that takes place.
Meanwhile, its customer due diligence technology will help to match the degree of risk presented by each customer with an appropriate and variable level of monitoring activity, investigation and prioritisation.
In addition, Norkam's multi-channel fraud offering will enable Bank of South Pacific to manage and contain organised fraudulent attacks perpetrated across all business units and channels, protecting them against online, internal, debit card and cheque fraud.
The software also provides investigation and case management functionality, which means that when unusual activity is identified, prioritised alerts will be automatically issued to a team of investigators.
Kevin McCarthy, general manager, retail bank, BSP, says: "We wanted a robust solution that would help us gain compliance with the regulators, not only on a local level but on an international level, in addition to helping us manage and defend ourselves against financial crimes such as fraud and money laundering"