Norkom in Saudi Arabian financial crime breakthrough

28 Apr 2009

Irish financial compliance software company Norkom has signed a breakthrough deal with NCB Capital in Saudi Arabia to help combat potential financial crime and the use of bank accounts by terrorists and criminals.

The announcement was made during the Enterprise Ireland trade mission to the Kingdom of Saudi Arabia, led by the Tánaiste, Mary Coughlan TD.

NCBC is the investment banking arm of the National Commercial Bank Group, the largest bank in the Arab world in terms of market capitalisation.

NCBC will commence immediate implementation of Norkom’s financial crime software across its operations in the Middle East, starting with its Saudi Arabian headquarters.

With Norkom, NCBC will achieve full compliance with escalating local and international regulations such as the Third EU Money Laundering Directive and the US Patriot Act.

Its advanced Anti-Money Laundering, Watch List Management, Customer Due Diligence/Know Your Customer software will help NCBC to identify and investigate suspicious or criminal behaviour quickly and efficiently.

“This deal with NCBC illustrates our commitment to expand our business further in the Middle East,” said Norkom CEO, Paul Kerley.

“We’re looking forward to working closely with NCBC over the coming weeks and months in helping it gain full compliance, become the best-in-class investment bank in financial crime detection and get the most from its investment,” Kerley added.

By John Kennedy