Dublin and London stock exchange-listed software company Norkom has struck a major deal with one of Australia’s main building societies to deploy anti-terrorism and financial crime technology.
Newcastle Permanent chose Norkom’s AML (anti-money laundering), pre-packaged compliance technology to help it meet the Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) legislation passed in Australia two years ago.
The technology will enable Newcastle to monitor transactions across all members and accounts to detect, investigate, manage and report suspicious and criminal behaviour. 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.
Using Norkom’s Watch List Management solution, Newcastle Permanent will be automatically alerted if any entity attempting to transact with the institution is listed on any of the industry’s numerous watch lists, ensuring it does not inadvertently conduct business with known terrorists or criminals.
“Every financial institution in Australia, whether they’re large or small, needs to meet the demands of the regulator. Since our entry into this market in October 2006, we’ve served the regulatory needs of the larger institutions,” explained Bruce Quick, Norkom’s director of sales and business development for Asia Pacific.
“However, we soon realised that smaller financial services providers who are deemed as Designated Entities are struggling with the same regulatory demands and need a solution that will help them comply with the AML/CTF regulations. So we took another look at our product and delivery suite to see how we can best serve them and came up with the ideal solution – out-of-the-box, pre-packaged applications,” Quick explained.
By John Kennedy
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