| Hungary’s largest bank selects Norkom to help in the fight against money laundering and terrorism financing | | Print | |
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OTP Bank deploys anti-money laundering and watch list management solutions from Norkom Technologies
02 September 2009 – Leuven, Belgium - Norkom Technologies has today announced that OTP Bank, the largest bank in Hungary and one of the key financial services institutions operating in Eastern and Central Europe, has selected Norkom’s Anti-Money Laundering (AML) and Watch List Management (WLM) solutions in an effort to comply with the 3rd EU Money Laundering Directive. The implementation of Norkom’s AML and WLM solutions represents a major upgrade of the bank’s incumbent anti-money laundering technologies, replacing the system that was developed internally and which has been in operation for the past few years.
According to Gabor Kanyo, Head of the Compliance Operations Department with OTP Bank, “Norkom was an easy and logical choice for us due to its vast experience in implementing best-of-breed financial crime and compliance solutions for some of the largest financial institutions in the world, a reputation that is supported by a highly referenceable client base and a dominant position in Central and Eastern Europe”.
According to Filip Verbeke, Sales Manager for Central and Eastern Europe and Germanics, “OTP Bank is wholly committed to achieving full compliance with the 3rd EU Money Laundering Directive. With Norkom’s risk-based approach to financial compliance, OTP Bank will be able to target investigative resources where it delivers greatest value and reduce the incidence of time-costly false positives, enhancing the effectiveness of its financial crime management and protecting it from the financial and reputational risks associated with money laundering and criminal activities”.
With Norkom’s AML solution, OTP Bank will be able to monitor and analyze every transaction and customer interaction across its customer base for suspicious and potentially criminal activity. When unusual activity is identified, prioritized alerts will be automatically issued to a team of investigators to begin a comprehensive, step-by-step investigation process to uncover potential criminal behavior. Using advanced matching techniques, Norkom’s WLM solution will alert OTP Bank if any entity attempt to transact with it is listed on any of the industry’s numerous and diverse watch lists, protecting the bank from inadvertently conducting business with known or suspected criminals and terrorists.
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For more information, please contact: Fiona McLoughlin, Marketing Manager T: +35318739612 E: fiona.mcloughlin@norkom.com
About OTP Bank (http://www.otpbank.hu) OTP Bank Plc. is the largest financial institution in Hungary, the largest independent bank in the CEE region. The financial group operates in 8 countries besides Hungary: Romania, Montenegro, Croatia, Bulgaria, Russia, Ukraine, Slovakia and Serbia. OTP Group provides full financial services for retail, corporate and municipal segments, its almost 12 million clients, through 1,500 branches, ATM- and POS-network and via electronic channels.
About Norkom Technologies (www.norkom.com) Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organizations to take intelligent action, control defenses, and evolve strategies against fraud, money laundering, and other types of financial crime. By combining a unique investigative technology platform with deep domain expertise, Norkom has established a solid track record of reducing financial losses, protecting users’ reputations, improving operational efficiencies and lowering the cost of information technology.
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