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CTF - Banking
With hundred of thousands of customers engaged in millions of transactions daily making sure you are not doing business with anyone who might be a high risk entity can be anything but simple. Add to that the complexity of complying with counter terrorist financing (CTF) regulation at a cost the business can afford and you quickly have a serious business challenge to overcome.
Norkom’s watch list management product monitors and analyzes – in real time and batch – every customer and transaction against industry and internal lists to detect and prevent your organization from engaging in business with known high risk entities.
In four simple steps Norkom automates and streamlines the end to end process from list management through to detection, investigation and reporting.
The starting point of success for any bank wanting to protect itself against regulatory sanctions is the effective management of the myriad of internal and external industry watch lists.
Industry lists, such as OFAC, Bank of England, EU and OFSI, clearly identify high-risk individuals and businesses, including known terrorists, fraudsters, money launderers, politically exposed persons and black listed persons, companies or countries.
Norkom’s watch list management solution provides a centralized repository for all these lists and more. At the click of a button authorized users can import new lists, manually alter existing lists, create additional lists or perform any range of activities required to effectively manage and maintain the centralized repository of information.
Easy to update and maintain, centrally held but locally accessed, Norkom’s consolidated list management approach transforms an arduous and time consuming process into a simple and fully automated task.
Single source for the myriad of list
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Norkom’s watch list management product delivers unrivalled accuracy in the detection of real matches directly impacting the balance sheet by reducing the number of false alerts generated, saving time, money and resources.
How do we do it? – Norkom combines the simple and the complex. We bring together the power of straight forward name matching with sophisticated techniques such as fuzzy logic, free text and exact matching to uncover hidden matches and associations otherwise ignored.
Norkom’s approach uses multiple parameters to match against, including phone numbers, date of birth, address, country and even transactional information. The product supports over 50 population groups, automatically identifying matches and links regardless of language. Real time transaction and sanctions filtering capabilities enable instantaneous transaction blocking limiting potential damage and exposure to industry sanctions. Interactive searches can be carried out online, in real time, to check new customers at time of account opening providing further due diligence in the know your customer process.
Norkom’s rigorous approach leaves no stone unturned and the results speak for themselves - unrivalled detection capabilities improving accuracy by up to 200%.
Prioritized alerts delivered direct to investigators’ desktops fully populated with all the information needed for investigation. Norkom’s watch list management product outstrips competition when it comes to making the investigative process swift and simple.
How? - Immediately a match is detected a prioritized alert is sent 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. 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.
Alerts prioritized to enable swift and simple investigation
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Norkom’s products come with pre-packaged reports that give you all the information you need at the click of a button. Our watch list management product automatically generates and populates regulatory reports for electronic or manual submission.
All reports can be assigned step by step workflows ensuring appropriate approval internally before submission to the regulator. Our pre-packaged business reports enable organizations to review the effectiveness of their watch list monitoring processes automatically highlighting what is working and what is not.
Rigorous audit trails provide system and user reports detailing any actions taken providing all the information required to satisfy any internal or external investigation – now or in the future. Norkom’s standard and configurable reporting capabilities provides our clients with the information they need in a way that eradicates the man hours wasted in manual report compilation.
In four simple but comprehensive steps Norkom’s watch list management product delivers measurable value and reduced operational costs. |
 "Norkom has the vision to see that the challenges of tackling crime and compliance are not mutually exclusive"
Luc Philips, Director of KBC   The Norkom solution enables us to adopt a fully integrated approach to how we manage the prevention of financial crime in our business".
Leopold Fetterle, MLRO  "Norkom's solutions allow us to achieve consistent global processes which can be fine tuned to meet specific regulatory demands". Andrew Hunter, Group Head Compliance & Regulatory Risk  |
Single source of all internal and external lists; easy to update, manage and maintain. 
The precise detection of matches against watch lists, in real time or by batch, using a combination of comprehensive matching techniques and analytics. 
Standard and configurable reports for the regulator and the business generated automatically.