October 25, 2006 - Leuven, Belgium - BAWAG P.S.K., Austria’s largest retail bank, serving the financial needs of over 1.3 million private customers and over 60,000 business customers is to deploy Norkom Technologies’ financial crime and compliance software as part of its offensive against money laundering and terrorist financing.

BAWAG P.S.K. will use Norkom’s anti money laundering and watch list management solutions across its business to detect, investigate, manage and report suspicious activity.

Norkom’s solutions will enable BAWAG P.S.K. to monitor every single transaction, made by every customer across every account and at every point of contact to uncover suspicious behaviour. When it does so, alerts prioritised in terms of importance and fully populated with all necessary information will be issued to BAWAG P.S.K.’s investigative staff for investigation, end to end case management and, where appropriate, disclosure to the regulator.

BAWAG P.S.K. explains “As a company we take seriously our responsibility to protect our business, stakeholders and the community. Working with Norkom we are able to meet the existing demands of the regulator as well as have the flexibility to respond quickly to new regulations as they are introduced. The solution enables us to easily add in new detection scenarios and profiles and also alter the thresholds and parameter of existing ones.”

In addition to its flexibility BAWAG P.S.K. was particularly impressed with the proven ability of the Norkom solution to improve the efficiency and effectiveness of the detection and investigative process. The Norkom solution enables the ongoing review of the effectiveness of detection scenarios and profiles. Using robust analytics the solution identifies what detection methods are generating accurate alerts and what are not. It then enables the bank to refine these to decrease the number of false positive alerts which cost the business dearly in terms of time, money and resources.

In addition the solutions’ comprehensive alert and case management capabilities provide the bank with a single source of all the information the investigators require to do their jobs easily and quickly.

Norkom’s AML solution forms part of its fully integrated financial crime software suite which is underpinned by a common technology platform enabling clients to detect multiple types of crime – from money laundering to fraud. It provides the infrastructure required for an end-to-end financial crime strategy reducing the total cost of ownership and protecting clients from the need for large-scale technology investments with every new type of regulation or crime.

In recent a report by Celent, an international research firm serving the financial services industry, author Neil Katkov describes Norkom as: “One of the few vendors that offers a comprehensive product suite that provides all essential components of an AML compliance solution, including transaction monitoring, watch list filtering, KYC, case management, analytics, and reporting.”

The contract with BAWAG P.S.K. builds on Norkom Technologies’ expanding blue chip client base, which includes leading financial services organizations such as HSBC, Credit Agricole, Travelex, Bank of Montreal, Rabobank, The New York Clearing House, Standard Chartered Bank, Visa, Natexis Banques Populaires, KBC Bank, Fortis Bank, Erste Bank and National Australia Bank Group.

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