September 14, 2006 - Boston, USA - Money Service Business (MSB), GroupEx Financial Corporation, a leading provider of money transmitting services to Latin America, has contracted with Norkom Technologies to provide financial crime and compliance software as part of GroupEx’s ongoing commitment to combat money laundering and terrorist financing.

The GroupEx’s selection of Norkom will enhance its transaction monitoring capabilities, facilitating plans to expand in markets outside of Latin America. The Norkom software features advanced detection and profiling capabilities that will accurately identify and alert GroupEx to suspicious activity of various kinds.

The case management features of the software will support GroupEx’s investigation of suspicious activities in a systematic way, as well as reporting of such activities when appropriate. As an MSB, GroupEx is charged with detecting and reporting financial crimes and suspicious activities.

“Norkom’s extensive experience with international financial service organizations, and in particular, its deep understanding of money service businesses, which includes the wire transfer industry, was the key factor in our selection of Norkom. We are confident that Norkom understands our needs as an MSB and that its solutions will accommodate the uniqueness of our business as well as the complexity of regulatory environment” explains Ben Knoll, CEO, GroupEx.

Anticipating high growth and expansion over the next few years, GroupEx recognizes the continuing need to be an industry leader in its anti-money laundering initiatives. Norkom is a standalone, scalable solution that can be implemented quickly in both existing and new operations.

“The user friendly design of the Norkom solution provides easily configured parameters that meet specific national or international requirements. The detection scenarios and profile possibilities provided by the Norkom solution can be easily added to and/or updated to handle new and changing regulations,” says Knoll.

“This will allow us to expand our operations and keep pace with new regulatory demands without the need for continuous large scale technology investment.”

All of Norkom’s financial crime and compliance software solutions are supported by a common technology platform. GroupEx Financial can progressively increase their use of the software, to keep pace with new regulatory demands and changes in criminal behavior.

The contract with GroupEx builds on Norkom’s expertise in the money service business arena where its clients include Western Union, Money Gram and Travelex and adds to its blue chip client base, which includes leading financial services organizations such as HSBC, Credit Agricole, 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.

<< Back To Press Releases