BOSTON, Jan. 22 /CNW/ - Leading Northern European bank, Swedbank, is to
strengthen its defences against financial crime and enhance its compliance
with anti-money laundering regulation by choosing market-leading software from
The bank will be able to use Norkom's software across its group
operations in all the markets where the bank is present to increase its
protection against financial crime and to ensure effective compliance with
national and international regulations including the 3rd EU Money Laundering
The software will monitor Swedbank's transactions across all customers
and accounts to detect, investigate, manage and report suspected money
In addition to improving detection of suspicious activity using
sophisticated analytics, the software's step by step investigation workflows
and comprehensive alert and case management capabilities will deliver greater
efficiency to the investigation process, significantly reducing costs and
Commenting on the agreement, Katarina Brome, head of operational risk and
compliance at Swedbank said: "We have chosen to implement Norkom as an
integral part of Swedbank's strategy to combat money laundering and ensuring
long-term regulatory compliance. The Norkom solution will be a key ingredient
to accurately detect and efficiently investigate money laundering activities.
"Norkom has a strong international track record, a well-proven AML
solution combined with competent and highly committed people. The flexibility
of the solution to be extended into other areas of financial crime is also an
important factor for Swedbank," she added.
Norkom's chief commercial officer, Liam Griffin, commented: "As well as
meeting the bank's current anti-money laundering requirements, in the future
Swedbank will be able to benefit from the flexibility of our technology
platform and its ability to address other types of financial crime across the
enterprise. This provides Swedbank with the security of knowing that it can
cost effectively evolve its use of the Norkom platform as its business needs
change and grow."
The contract with Swedbank builds on Norkom Technologies' expanding blue
chip client base, which includes leading financial services organizations such
as HSBC, Credit Agricole, DnB NOR, Fortis, Rabobank, Standard Chartered Bank,
Washington Mutual and Western Union.
Norkom's award-winning software has been described as 'outclassing its
competitors' by the analyst group, Celent, and as an 'effective enterprise
wide financial crime management solution' by Gartner. Norkom was also
recognized as 'The Best Technology Solution' in Complinet's 2007 compliance
awards, the number one for AML and fraud in the OpRisk & Compliance magazine's
software rankings survey and 'Best AML Product' in the Banking Technology
About Norkom Technologies
Norkom is a market-leading provider of innovative financial crime and
compliance solutions to the global financial services industry.
We enable organisations to take intelligent action, control their
defences and evolve their strategies against financial crime. By combining our
unique financial crime and compliance technology platform with our deep domain
expertise and extensive client experience, we offer a comprehensive set of
solutions which can be scaled and customized to meet clients' current and
future needs - from anti-money laundering and customer due diligence to
enterprise investigation of all types of fraud.
Used by clients in over 100 countries, including HSBC, Credit Agricole,
Fortis, Rabobank, Standard Chartered Bank, Washington Mutual and Western
Union, Norkom is proven to reduce financial losses, protect reputation,
improve operational efficiencies and lower the total cost of ownership. Norkom
has operations across North America, Asia Pacific and Europe.
To find out more visit http://www.norkom.com
For further information:
For further information: Media contact: Hilary Duffy, Marketing Manager,
Norkom Technologies, Tel: +353-85-121-9414, firstname.lastname@example.org