AXA Financial will use Norkom's Anti-Money Laundering and Watch List Management software to detect, investigate, manage and report suspicious activity. The solution provides advanced detection of suspicious activity using best-in-class analytics and comprehensive case management capabilities that deliver greater efficiencies to the investigation process, significantly reducing costs and improving productivity.

The system will also screen all transactions against industry watch lists to guard against business being carried out with high risk entities such as known terrorists, criminals and politically exposed people.

Recent changes have intensified the regulatory landscape for financial organizations providing life and annuity insurance products, requiring organizations to step up the introduction of policies, procedures, and controls to deal with money laundering risks. The penalties can be severe for organizations who do not implement effective programs to detect and report money laundering activity. In addition, financial organizations are also faced with the challenges of dealing with rapidly increasing levels of fraud and must find a way to deal with both compliance and fraud concerns in a comprehensive manner.

"We are delighted to enable AXA Financial to improve the effectiveness and efficiency of their money laundering investigation units, and welcome them to our growing list of Insurance clients who recognize the completeness of the Norkom solution", says Norkom's CEO, Paul Kerley. "AXA Financial's selection of Norkom further demonstrates our leadership as the 'gold standard' choice for implementing an enterprise-wide Financial Crime and Compliance solution."