July 18, 2006 - Leuven, Belgium - As part of its strategy to fight money laundering and terrorism financing, Crédit Agricole is to introduce financial crime and compliance software from Norkom Technologies, to ensure compliance with existing and future legislation and regulations.

The French group, which is one of the world’s largest banks, will deploy Norkom’s software across all of its retail banking operations in France. Through a network of 41 Caisses Regionales and LCL (Crédit Lyonnais), it serves 23 million customers.

Norkom’s anti-money laundering and watch list management software will be used to monitor banking transactions to detect suspicious and criminal behaviour using sophisticated behavioural profiling, link analysis and case management technology.

The software will be implemented in several phases over the next 18 months. When unusual activity is identified, prioritised alerts will automatically be issued to a team of investigators to begin a comprehensive, step-by-step investigation process. The Norkom software will also monitor transactions against various ‘watch lists’ to immediately identify high-risk individuals, organisations or countries and prioritise investigations to focus attention on the greatest threats.

In addition to enabling faster and more accurate identification of fraudulent customer activity, Norkom’s software will also deliver substantial efficiency savings by streamlining the bank’s existing compliance and financial crime management systems and procedures.

Herman Verrelst, Director of European Operations at Norkom Technologies said: “This is a very significant contract which underlines our position as a market leader in Europe. We were able to demonstrate our strong track record in implementing highly effective financial crime and compliance solutions with many other major international banking groups who were happy to provide references supporting our capabilities and expertise. We are confident we can work in close partnership with Crédit Agricole to meet their requirements and deliver a tangible return on investment.”

Mr Verrelst, also explained that further benefits may be realised as Crédit Agricole extends its financial crime strategy in future: “As each Norkom product is built upon a fully scaleable technology platform, it can operate as a stand alone solution or as part of a fully integrated financial crime and compliance software suite to counter all types of fraud.

“This means that our technology can be scaled to meet the future requirements of our clients’ ongoing financial crime and compliance strategy on an international basis for its global operations and across all of its business lines and products.”

The contract with Crédit Agricole builds on Norkom Technologies existing client base in over 100 countries, which includes leading global financial services organisations such as Fortis Bank, HSBC, KBC Bank, Standard Chartered Bank, Rabobank, Erste Bank Group, Travelex and Natexis Banques Populaires.

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