Norkom’s Transaction & Payment Filtering Solution

As a result of both exposure and increased regulatory requirements, financial institutions must assess transactions into, out of, and through their institution to see if they involve any sanctioned entities including:

• Person or Entity
• Vessel or Aircraft
• Export Sanctioned Goods
• Export Sanctioned Services
• Financial Institution or Intermediaries
• Sanctioned Territories
• Sanctioned Financial Institutions.

The Norkom Transaction & Payment Filtering Solution provides effective and efficient procedures to facilitate investigations and actions such as regulatory reporting, transaction interdiction or asset freezing. It is widely used for screening transactions in a variety of formats including SWIFT MT, SWIFT MX, NACHA ACH, ISO20022. Norkom is a certified Swift Solution Provider.

Broad Transaction Coverage

The compliance net is much wider than just payments and is getting wider all the time. When an organization looks for compliance, it typically does so across its operations in a number of areas. These include:

• Payments, especially but not exclusively cross border
• Trade Finance
• Cash Management
• Treasury
• Securities
• Foreign Exchange.

All of these transaction types have the potential to move criminal assets.  Norkom’s Transaction & Payment Filtering solution can assist in reviewing these types of transactions.  

When looking beyond payments, there is a need to interdict transactions where the transaction is not a direct funds transfer – but perhaps another form of asset transfer such as a contract exchange, a documentary credit or collection to be exchanged in the future.  The Norkom solution allows you to monitor and analyze – in real-time and batch mode - every customer and transaction against numerous industry and internal lists, enabling institutions to detect known high-risk entities and avoid engaging in business with them.  Our solution automates and streamlines the entire process, from list management through to detection, investigation and reporting. 

Sanction Coverage

There are over 300 official regulatory sanction lists in the world. Many solutions focus on a limited set of lists for screening within a single jurisdiction. Some solutions even define themselves by their ability to screen a single list, for example OFAC screening for persons or entities. In contrast, as the market leader and the only global player, Norkom provides packaged options for hundreds of watch lists, including:

• Office of Foreign Assets Control (OFAC) (US)
• 314(a) Lists (US)
• Bureau of Industry and Security (BIS) (US)
• Her Majesty’s Treasury (UK)
• Common Security and Foreign Policy List (CSFP)  (EU)
• The Office of the Superintendent of Financial Institutions (OFSI) (Canada)
• Bundesanzeiger (Germany)
• Department of Foreign Affairs and Trade (DFAT) (Australia).

In addition, Norkom supports the three major PEP list providers including World-Check, Dow Jones Factiva and Accuity.

Norkom’s solution provides a centralized repository for all these lists and more. At the click of a button, authorized users can import new lists, manually alter existing ones, create additional lists, or conduct any activity required to manage and maintain the centralized repository of information.

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