Norkom’s AML and CDD/KYC will be implemented across Woori’s operations in Korea and in some overseas branches
Norkom Technologies, a provider of financial crime and compliance software, has announced its market entry into Korea with a deal with Woori Bank, a financial institution in Korea.
Norkom said that this deal also marks Woori Bank’s first ever anti-money laundering (AML) implementation as a result of an AML law which was introduced by the Korean government in December 2007.
Norkom’s AML and customer due diligence/know your customer (CDD/KYC) application will be implemented across Woori’s operations in Korea, in addition to some overseas branches that report into its Korean headquarters.
With Norkom’s AML system, Woori Bank will be able to monitor and analyse transactions and customer interactions across its entire customer base to identify and investigate suspicious and criminal behaviour. The bank will also use Norkom’s KYC software, which will assign risk ratings to customers at account opening, continually reassessing their behaviour over time and alerting bank investigators if unusual or suspicious activity is detected so that they can analyse the information and report to the Korean FIU.
Yoonchul Ahn, head of compliance at Woori Bank, said: We chose Norkom because of its superior technology and global reputation in helping some of the financial institutions achieve compliance with national and international regulations. Norkom’s expertise helped to strengthen our compliance programme, enabling us to improve our defenses against money laundering and terrorist financing.