Money laundering is big business for the criminals among us, but it’s also big business for those helping to fight against it. Norkom Technologies, a provider of financial crime and compliance software, is helping to tackle financial crime around the world, and has now entered into Korea.
The firm has just signed a deal with Woori Bank, the second-largest financial institution in Korea. It is Woori Bank’s first-ever anti-money laundering (AML) implementation, which comes about as a result of AML law that was introduced by the Korean Government in December 2007. The law was introduced in an effort to counter both money laundering and the financing of terrorism.
Norkom’s AML and Customer Due Diligence/ Know Your Customer (CDD/KYC) solutions will now be implemented across Woori Bank’s operations in Korea, as well as in some overseas branches that report into its Korean headquarters.
With the AML solution, the bank will be able to monitor and analyse transactions with customers across its entire customer base, and to identify and investigate suspicious and criminal behaviour.
The CDD/KYS solution, meanwhile, will assign risk ratings to customers at account opening, and will continually reassess their behaviour over time. It will then alert bank investigators if unusual or suspicious activity is detected.
Yoonchul Ahn, head of compliance with Woori Bank, said: “We chose Norkom because of its superior technology and global reputation in helping some of the world’s largest financial institutions achieve compliance with national and international regulations.
“Norkom’s proven expertise helped to strengthen our compliance programme, enabling us to improve our defences against money laundering and terrorist financing. As a result, we are confident of achieving compliance with local Korean AML laws and global regulatory demands in an effort to expand our international business across Asia, the US and Europe.”
By Linda Daly