Swedbank Tackles Money Laundering

Northern European bank Swedbank will strengthen its defenses against financial crime and enhance its compliance with anti-money laundering (AML) regulation with software from Norkom Technologies.

The bank will deploy 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 Third EU Money Laundering Directive.

The software will monitor Swedbank’s transactions across all customers and accounts to detect, investigate, manage and report suspected money laundering attempts.

"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,” says Katarina Bromé, head of operational risk and compliance at Swedbank.

“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 adds.

Norkom Technologies’ clients include HSBC, Credit Agricole, DnB NOR, Fortis, Rabobank, Standard Chartered Bank, Washington Mutual and Western Union