Norkom launches customer due diligence system

Source: Norkom Technologies

Norkom Technologies launches its new risk-based customer due diligence (CDD) solution designed to enable financial services organizations' to effectively comply with today's stricter and more stringent worldwide 'Know Your Customer' regulations as outlined in the US PATRIOT ACT, the 3rd EU Money Laundering directive, Australia's AML/CTF Act, the OFSI B8 guidelines and the FATF 40 recommendations.

Norkom's new offering is an end to end CDD solution with tailored risk- based methodologies that differentiate low and high risk customers at the point of account opening. This enables organizations to focus attention on verifying and validating higher risk clients while allowing business to commence quickly with lower risk customers.

Furthermore, the technology spans the lifecycle of a customer continually monitoring a customer's initial risk assessment to ensure it remains valid in light of additional transactional and behavioral information. Should unusual behavior occur the solution will automatically assess the relevance of the assigned risk category and make system-generated recommendations, with supporting rationale, on changes that should be made. This approach enables organizations to ensure that customers are correctly risk profiled right throughout their lifecycle and not just at the time of account opening.

Norkom's CDD solution comes with a comprehensive case management module which ensures investigation efficiency is optimized at all stages of the investigation process. Regulatory reports such as SARs can be generated automatically as well as business reports to check on performance metrics and risk exposure and ensure an efficient and effective CDD operation.

Norkom's solution is already delivering benefits to Fortis -- the major European financial services group. Rudmer van der Meulen, Integrity Services -- Development at Fortis comments: "Norkom's customer due diligence solution enables us to meet our regulatory obligations and execute a risk based approach to managing our business. The Norkom solution enables us to apply different processes for different customers based on the risk they represent to the business -- for example, account opening requests from low risk customers can be processed swiftly and efficiently leaving investigators free to focus their efforts on those customers that require enhanced due diligence which makes sense for the business."

The solution has been designed and developed with expert practical input from Norkom's Client Advisory Board which includes members from Norkom's global client base making it a truly market leading offering.

The risk-based CDD solution is the latest addition to the company's financial crime and compliance suite which includes solutions for anti-money laundering and all types of fraud. Its launch further strengthens Norkom's portfolio which was described as 'outclassing its competitors' by the recent evaluation of AML solutions by the analyst group Celent.

Norkom's financial crime software suite is underpinned by a common technology platform enabling clients to detect and investigate multiple types of crime. It provides the infrastructure required for an end-to-end financial crime strategy reducing the total cost of ownership and protecting clients from the need for large-scale technology investments with every new type of regulation or crime.

Paul Kerley, CEO of Norkom comments: "Our CDD solution is available as a stand alone product or as part of our financial crime and compliance suite. The solution is capable of transforming an organization's business by enabling them to take a real risk based approach to their customer due diligence processes."

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