Norkom wins AML deal at OP-Pohjola Group

Source: Norkom

Norkom Technologies has today announced that OP-Pohjola Group, Finland's largest financial services group, has selected its financial crime and compliance solutions to enhance its defences against financial crime and comply fully with national and international regulations, including the 3rd EU Money Laundering Directive. This deal cements Norkom's position as clear market leader of financial crime and compliance solutions in the Nordic region, which now counts the largest financial institutions in Finland, Norway and Sweden as clients.

OP-Pohjola Group is Finland's largest financial services group with more than four million customers. It is made up of more than 200 independent member cooperative banks and the Group's central institution, OP-Pohjola Group Central Cooperative, with its subsidiaries and closely related companies, the largest of which is the listed company Pohjola Bank plc. OP-Pohjola Group offers a comprehensive range of banking, investment, life assurance and non-life insurance services to households as well as to corporate and institutional customers.

Norkom's analytics solutions will enable OP-Pohjola Group to detect, investigate, manage and report suspicious activities by monitoring and analyzing customer transactions across its operations. The bank's risk-based approach to customer on-boarding and ongoing due diligence will be supported by Norkom's CDD / KYC solution, which matches the degree of risk presented by each customer with an appropriate level of monitoring activity, in accordance with the 3rd EU Money Laundering Directive. Additionally, Norkom's Transaction Filtering and Sanctions Screening solutions will screen and interdict all customer relationships against industry and internal watch lists, protecting the bank from inadvertently doing business with sanctioned persons or entities (e.g. criminals, terrorists or fraudsters).

Speaking on the company's latest client win, Alain Tayenne, General Manager of Norkom Europe, says, "I am proud to welcome OP-Pohjola Group, one of the top 10 largest banks in the Nordic region, to our expanding family of clients. Despite the challenges experienced in the financial services industry over the last year or so, especially in the financial crime and compliance marketplace which has seen many vendors make significant losses and exit the market, Norkom has continued to focus on its clients and the financial crime and compliance challenges that they face. As a result of this, we've been rewarded with existing clients re-investing in our solutions and providing excellent testimonials to new clients such as OP-Pohjola Group. In this way, we continue to expand our global footprint and remain a profitable company."

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