| Natexis Banques Populaires chooses Norkom to fight money laundering | | Print | |
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March 21, 2006 - Dublin, Ireland - Natexis Banques Populaires, the financing, investment banking and services bank of the major French banking group, has selected Norkom Technologies’ financial crime and compliance software to reinforce its defences against money laundering. The €1 million agreement will see Norkom’s software implemented in several phases across Natexis Banques Populaires’ operations throughout France as a key part of the bank’s strategy to enhance compliance with stringent anti-money laundering regulations. Using sophisticated behavioural analysis, customer profiling and case management technology, the software will increase Natexis Banques Populaires’ ability to detect suspicious activity. The technology will be used to monitor transactions, identify unusual activity and automatically issue prioritised alerts to a team of investigators to complete a comprehensive, step-by-step investigation process. 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. Paul Kerley, CEO of Norkom Technologies said: “We are confident we can meet Natexis Banques Populaires’ objectives and deliver a tangible return on investment. In other client deployments, our products are proven to decrease financial crime incidents by up to 70% and to speed up investigations by 98%.” He also explained that further benefits may be realised if Natexis Banques Populaires wishes to extend 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.” The contract with Natexis Banques Populaires builds on Norkom Technologies existing client base in over 100 countries, which includes leading global financial services organizations such as Fortis Bank, HSBC, KBC Bank, Standard Chartered Bank, Rabobank, Erste Bank Group, Euroclear and Travelex. |
