Norway-based bank DnB NOR has chosen financial crime and compliance software from Norkom Technologies to support its enterprise-wide strategy to combat money laundering and terrorist financing.
Norkom’s software to be rolled out across DnB NOR’s operations in 11 countries to increase its protection against financial crime and to ensure effective compliance with national and international regulations including the third EU Money Laundering Directive.
The Norkom software will enable the bank to monitor and analyze every transaction and customer interaction across its entire customer base to identify and investigate suspicious and criminal behavior. Using sophisticated matching techniques, the Norkom solution will automatically alert DnB NOR if any entity attempting to transact with it is listed on any of the industry’s numerous and diverse watch lists. This will enhance the bank’s defences and protect it from exposure to sanctions and from inadvertently conducting business with known or suspected criminals and terrorists.