| Norkom wins major European anti-money laundering deal with Euroclear | | Print | |
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This system will be implemented to enable Euroclear to screen all transactions against industry-standard watch-lists and monitor all transactions for suspicious behaviour. The total value of securities transactions settled by Euroclear is in excess of EUR 300 trillion per annum, while assets held for clients are valued at more than EUR 13 trillion. According to recent research from the TowerGroup, a leading research and advisory group for the global financial services industry, financial crime is costing the industry billions of dollars globally per year in operational losses with untold costs in terms of lost reputation and consumer confidence. “Whereas we saw an early uptake of AML technology in the (retail) banking payments space, we now see that the convergence of the increase in crime rates and the growing demands of compliance regulations is driving the securities processing industry as well to seek out and implement technology solutions, such as AML, that can help them stop the hemorrhaging of losses and meet the challenges of industry regulations" states Virginia Garcia, Senior Analyst, Financial Services Strategies & IT Investments of the TowerGroup. Paul Kerley, CEO of Norkom Group said, “The collaboration with Euroclear is the first big success since the integration of the new European operations within the Norkom group following our acquisition of DATA4s pre-Christmas and it is a great confirmation of the strategy we have taken.” “We are pleased to add Euroclear to the growing list of global financial institutions that have selected Norkom for their AML and compliance software needs,” added Herman Verrelst, Director European Operations, Norkom Technologies. “Moreover, it is a new and extremely strong reference for Norkom Technologies in the brokerage and investment banking industry.” |
