November 24, 2005 - Banking Technology

Belgian-based KBC Bank has deployed the financial crime suite from Irish operational risk management firm Norkom Technology to fight fraud.

Previously, KBC was using Excel spreadsheets and rudimentary manual systems to manage its compliance operations, which depended mainly upon the observations of branch staff to spot unusual activity.

By using Norkom's suite, the bank looks to be able to systematically monitor for internal fraud, protecting its reputation and reducing operational losses; effectively and accurately detect internal fraud and thereby reducing workloads; and use one technology for multiple different purposes, maximising its return on investment.

In 2002, KBC implemented Norkom's anti-money laundering solution to improve compliance management and uses Norkom's financial crime and compliance products its Belgium, Prague, Poland, France and London branches and offices.

With the AML solution, the bank has streamlined its detection capabilities and improved the efficiency of detection by around 300%. This increased accuracy has enabled KBC to handle the total volume of alerts and investigations coming from approximately 400,00 transactions daily using a core team of four investigators.

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