Norkom fights crime down under

20 May 2008

Dublin-headquartered Norkom Technologies has been selected by St.George Bank, the fifth-largest retail bank in Australia, to provide software to combat money laundering and terrorism financing.

Norkom’s advanced anti-money laundering and anti-fraud software solutions will help St.George to detect and prevent money laundering and the financing of terrorism by enabling the bank to monitor and analyse every transaction and customer interaction across its customer base for suspicious activity.

When unusual activity is identified, prioritised alerts will be automatically issued to a team of investigators to begin a comprehensive, step-by-step investigation process to uncover potential criminal behaviour.

“Norkom’s software suite not only enhances our protection against financial crime but also enables us to ensure effective legislative compliance,” said Steve Bryant, anti-money laundering (AML)/counter-terrorism financing (CTF) programme director, St.George.

“At St.George we are committed to complying with both the letter and the spirit of the AML/CTF regulation. To achieve this, we are implementing all of the policies, processes and procedures to ensure full compliance with this legislation.

“We chose Norkom because of its proven technological ability, its highly referenceable global client base and its commitment to provide a truly world-class service locally here in Australia.”

“We are proud to become one of the first financial crime and compliance software providers in Australia to deploy a live solution to meet the exacting standards of the AML/CTF Act and are delighted to have shared this experience with St.George,” remarked Bruce Quick, director of sales and business development for Asia Pacific, Norkom. “Now we can ensure that all our Australian clients can benefit from this experience by ensuring that their regulatory and business needs are met, both now and into the future.”

Norkom Technologies opened its Australian offices in Sydney in 2006 and in Melbourne in 2007. Since then, it has cultivated a strong presence in the Australian financial services marketplace with several firms deploying its financial crime and compliance software.

By Niall Byrne