AIB complies with 3rd EU AML Directive

Irish bank AIB will implement financial crime and compliance software from Norkom Technologies across its Irish, UK, Polish and capital markets operations to comply with the 3rd EU Anti-Money Laundering Directive. The software will support AIB's risk-based approach to customer due diligence, AML and automated monitoring of financial sanctions lists, and will provide 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," said AIB's group general manager of regulatory compliance, Philip Brennan. "We will use Norkom to assist us in establishing a baseline 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 patterns 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."