Ireland's Leading Bank Selects Financial Crime and Compliance software from Norkom

AIB, Ireland’s leading bank, is to implement financial crime and compliance software from Norkom Technologies to facilitate compliance with the 3rd EU Anti-Money Laundering (AML) Directive across its Irish, UK, Polish and Capital Markets operations. The software, recognised by industry watchers as the market’s most advanced, will support AIB’s risk based approach to customer due diligence, anti-money laundering, automated monitoring of financial sanctions lists, and will provide rigorous investigation and case management functionality.

The 3rd EU AML Directive requires financial institutions to implement a risk based approach to the management of their AML compliance operations, matching the degree of risk presented by each customer with an appropriate and variable level of monitoring activity, investigation and prioritisation.

“After evaluating the market we concluded that Norkom’s software would help to facilitate compliance with the 3RD EU AML Directive across our operations and provide us with the architecture for a single technology infrastructure for risk based management of our AML activities,” says AIB’s Group General Manager of Regulatory Compliance, Philip Brennan. “We will use Norkom to assist us in establishing a base line risk profile for each customer at account opening and to instigate an appropriate level of monitoring activity. Both the risk profile and the level of monitoring will be adjusted if the pattern of the financial transactions or other key factors change over the lifetime of the relationship. In this way, we can be confident that that the degree of scrutiny applied to each customer is directly correlated to risk.”

The contract with AIB strengthens Norkom’s market leading position where it already powers financial crime and compliance operations for clients such as HSBC, Rabobank, Western Union, KBC Bank, Standard Chartered Bank, Visa, Travelex and Credit Agricole.

“In its pursuit of an enterprise wide risk based approach to financial crime and compliance, AIB is setting a standard that financial institutions will aspire to,” says Paul Kerley, CEO of Norkom Technologies.

“Financial services institutions around the globe are recognising that, by aligning identified risk levels with appropriate action, they will not only improve their ability to combat crime, but also enhance their economic performance and productivity of their investigation units.

They will be able to target investigative resource where it delivers greatest value, reduce the incidence of time costly false positives and improve their trading performance by bringing low risk business onto book quickly.”

Norkom was recently awarded ‘Best Technology Solution’ in Complinet’s annual compliance excellence awards. The judges described its technology as “groundbreaking”, and “a firm foundation for a consistent, measured approach to helping avoid expensive technology proliferation and contain costs.”