24 January 2018
visit www.ebaday.com

Latvia's Norvik Banka to fight financial crime with Fico

07 November 2016  |  2676 views  |  0 Source: Fico

Analytic software firm FICO announced today that Norvik Banka, one of the oldest commercial banks in Latvia, will use the FICO® TONBELLER® Compliance Solutions to fight money laundering and financial crime.

Bank regulators in Latvia have increased scrutiny on banks suspected of allowing money laundering, resulting in record fines and more bank audits.

Norvik Banka, established in 1992, has the country's widest network of branches and finance and accounting groups. Norvik Banka is a part of Norvik Group, which also covers Vyatka Bank in Russia and Norvik Banka UK Limited in Great Britain.

"The reliability and efficiency of the FICO TONBELLER system is proven by the large number of financial companies using it - more than 1,100 institutions worldwide," said Oliver Bramwell, Chairman of the Board at Norvik Banka. "We had been using an in-house system to comply with Latvian regulations around money laundering, and based on the latest AML audit we ran a tender with global AML IT providers, of which FICO TONBELLER provided the best fit for our organization. The FICO TONBELLER system will allow us to improve transaction control significantly, enhance transaction transparency and decrease the bank's operational risks."

"Latvia is taking a much tougher stance against financial crime, and Norvik Banka is clearly going to be at the forefront of this movement," said Torsten Mayer, FICO vice president for compliance solutions. "Using our advanced risk-based approach will help the bank comply with regulations and safeguard its ability to work with other global banks."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.niceactimize.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9724 views comments | 38 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9430 views comments | 14 tweets | 14 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8490 views comments | 17 tweets | 11 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
7022 views comments | 13 tweets | 25 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
6970 views comments | 6 tweets | 9 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job