AML - Banking

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Retail banks the world over must comply with anti-money laundering and terrorism financing regulations. It's mandatory and the consequences of not complying are clear – regulatory sanctions, heavy fines and loss of reputation.

 

Norkom's anti-money laundering product enables clients to meet the most stringent demands of the regulator in a cost effective way for the business.

 

In four simple steps Norkom automates and streamlines your anti-money laundering processes enabling you to detect, investigate, manage and report suspicious activity.

 

Detect

The precise detection of suspicious activity using a combination of comprehensive detection scenarios, profiling analytics and matching techniques.

 

The cornerstone of a cost effective compliance department is the ability to accurately detect suspicious activity. Norkom’s anti money laundering product delivers unrivalled accuracy in this regard directly impacting the balance sheet by reducing the number of false alerts generated, saving time, money and resources wasted on unnecessary investigations.

 

How do we do it? – Norkom combines the simple and the complex to leave no stone unturned. We bring together the power of straight forward name matching and watch list monitoring with the robust analytical techniques of multi parameter detection scenarios and behavioural and peer group profiling. Our approach accurately uncovers suspicious activity and potential money laundering across every customer, account, transaction and product.

 

What’s more, our products come ready for use with pre-defined detection scenarios and profiles that have been developed based on years of practical hands-on experience. However, given that change is the only constant, our detection capabilities can also be easily modified by business users giving clients the flexibility to alter, delete or add new parameters or capabilities as needs arise.

 

Norkom’s unrivalled detection accuracy delivers results - improving the accuracy of detection by up to 200%.

 

Investigate

Prioritized alerts delivered direct to investigators’ desktops fully populated with all the information needed for investigation.

 

Making the best use of your investigators’ time is simply good business sense. Norkom’s anti-money laundering product outstrips competition when it comes to making the investigative process swift and simple.

How? - As soon as a suspicious activity is detected a prioritized alert is sent directly to the investigator’s desktop. Alerts are fully populated with all the information needed for investigation to begin, from full customer details through to comprehensive transactional information for multiple time frames. At the click of a button investigators can drill down through the information to build a detailed picture of events. Pre-defined workflows clearly direct the investigative process making sure that all the necessary steps are taken to ensure fast but rigorous investigation.

Norkom’s approach has enabled our clients to improve the efficiency of the investigation process by up to 98%. The impact is immense, significantly reducing overheads and costs per investigation.

 

Prioritized alerts delivered direct to the desktop

 

 

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Manage

Comprehensive case management capabilities make light work of complexity, uncovering common links across suspicious activity and ensuring fast, effective resolution.

Managing a case from start to finish can be a complex and time consuming task however with Norkom’s case management capabilities these are challenges easily overcome.

How? - at a click of a button it provides investigators with everything they need to know to manage a case from start to finish - from full customer and transaction information through to links with other cases or alerts. Step by step workflows, with built in check points and approval levels, ensure rigorous case management processes are followed and diary capabilities allow work to be scheduled and time based records to be maintained.

Sophisticated link analysis functionality makes light work of recognizing patterns and identifying common links across cases, customers, accounts, transactions and multiple other parameters. Complex links are made easy to understand using graphical representations clearly showing relationships across multiple parameters.

Effective case management transforms the demands of compliance from an operational burden to simply being an effective part of every day business.

 

Link analysis makes the complex simple

 

 

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Our anti-money laundering product automatically generates and populates regulatory reports, such as CTRs and SARs ready for electronic or manual submission. All reports can be assigned step by step workflows ensuring appropriate review and approval internally before submission to the regulator.

Our pre-packaged business reporting and analytical capabilities enable organizations to review the effectiveness of their anti-money laundering processes automatically highlighting what is working and what is not. Rigorous audit trails provide reporting that will satisfy any internal or third party investigation – now or in the future.

Norkom’s standard and configurable reporting capabilities provides our clients with the reporting information they need in a way that eradicates the man hours wasted in manual report compilation.

In four simple but comprehensive steps Norkom’s anti-money laundering product delivers measurable value and reduced operational costs.