Banco Santander and Norkom, together against Money-Laundering

Norkom Technologies has announced that Banco Santander, one of the […]

November 27, 2009

Norkom Technologies has announced that Banco Santander, one of the world’s top 10 banks and the largest bank in the euro zone, has selected its AML Solution for implementation in Santander AML Units, marking Norkom’s official foray into the Spanish financial services marketplace.

Under the terms of the agreement, Banco Santander can deploy this suite across all its European and Latin American operations, helping it to comply with national and international regulations, such as the 3rd EU Money Laundering Directive. The first implementation will be in Spain.

Norkom’s enterprise-wide Anti-Money Laundering and Watch List Management software will monitor Banco Santander transactions across all customers and accounts to detect, investigate, manage and report potentially suspicious behaviour. The bank will be automatically alerted if any individual or entity attempting to transact with it is listed on any of the numerous and diverse watch lists issued by the regulators through the use of sophisticated matching and analytic techniques. In addition, the software’s step-by-step investigation workflows and comprehensive alert and case management capabilities will deliver greater efficiency to the investigation process, significantly reducing costs and improving the productivity of the AML Teams.

Norkom’s flexible platform structure will enable them to deploy one consistent solution across the enterprise with an option to extend further into other Banco Santander areas in the future.

Alain Tayenne, General Manager of Norkom Europe, commented, “We are delighted to welcome Banco Santander into our expanding family of tier one clients. This is a significant deal for Norkom not only because it marks our strategic entry into Spain but also because it enables us to count six of the world’s top ten banks as clients”.

The contract with Banco Santander builds upon Norkom’s existing client base in over 100 countries, which now includes six of the world’s top 10 banks. Norkom’s clients include HSBC, Credit Agricole, Fortis, Rabobank, Erste, Raiffessen Zentralbank Osterreich and Standard Chartered Bank.

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