Norkom deploys first financial crime and compliance solution to meet Australia's AML/CTF legislation
Sydney (ANTARA News/PRNewswire-AsiaNet) - St. George Bank, the fifth largest retail bank and one of the top 20 publicly listed companies in Australia, has chosen Norkom Technologies to help it comply with the recently enacted Anti-Money Laundering / Counter-Terrorism Financing Act (AML CTF Act 2006), becoming the first Australian bank to deploy a software solution to meet these compliance standards.
Norkom Technologies is the leading provider of financial crime and compliance solutions to the global financial services industry. Its advanced anti-money laundering and anti-fraud software solutions will help St. George to detect and prevent money laundering and the financing of terrorism by enabling the bank to monitor and analyse every transaction and customer interaction across its customer base for suspicious activity, including fraud. 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 behaviour.
According to Steve Bryant, St. George AML/CTF Program Director, "At St. George, we are committed to complying with both the letter and the spirit of the AML/CTF regulation. To achieve this, we are implementing all of the policies, processes and procedures to ensure full compliance with this legislation. Norkom's software suite not only enhances our protection against financial crime, but also enables us to ensure effective legislative compliance. We chose Norkom because of its proven technological ability, its highly referenceable global client base, and its commitment to provide a truly world-class service locally, here in Australia."
Bruce Quick, Norkom's Director of Sales & Business Development for Asia Pacific, says, "We are proud to become one of the first financial crime and compliance software providers in Australia to deploy a live solution to meet the exacting standards of the AML/CTF Act and are delighted to have shared this experience with St. George. Now we can ensure that all our Australian clients can benefit from this experience by ensuring that their regulatory and business needs are met, both now and into the future."
Norkom Technologies opened its Australian offices in Sydney in 2006 and Melbourne in 2007 to help the company to deliver a truly local service. Since then, the company has cultivated strong presence in the Australian financial services marketplace, with seven other banks following St. George's lead in selecting Norkom as their vendor of choice for financial crime and compliance software solutions.
About St. George
St. George is Australia's fifth largest retail bank and one of the top 20 publicly listed companies in Australia, employing over 9,000 people.
Its national operations span all aspects of the financial industry including retail banking, institutional & business banking, and wealth management. At the Bank's core is a close relationship with its customers and this remains the cornerstone of future strategies, an important tradition that distinguishes St. George from other Australian banks.
About Norkom Technologies (www.norkom.com)
Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organisations to take intelligent action, control defences, 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 information technology.
Norkom serves clients in over 100 countries, including HSBC, Credit Agricole, DnB Nor, Erste, Fortis, Rabobank, Standard Chartered Bank, Swedbank, Washington Mutual and Western Union.
Media contact: Fiona McLoughlin, Marketing Manager, Norkom Technologies, Tel: +353-1-8739612 or email fiona.mcloughlin@norkom.com
Bruce Quick, Director of Sales & Business Development Asia
Pacific, Tel: +61-2-9255-0488 or email bruce.quick@norkom.com
SOURCE: Susanne
Sydney (ANTARA News/PRNewswire-AsiaNet) - St. George Bank, the fifth largest retail bank and one of the top 20 publicly listed companies in Australia, has chosen Norkom Technologies to help it comply with the recently enacted Anti-Money Laundering / Counter-Terrorism Financing Act (AML CTF Act 2006), becoming the first Australian bank to deploy a software solution to meet these compliance standards.
Norkom Technologies is the leading provider of financial crime and compliance solutions to the global financial services industry. Its advanced anti-money laundering and anti-fraud software solutions will help St. George to detect and prevent money laundering and the financing of terrorism by enabling the bank to monitor and analyse every transaction and customer interaction across its customer base for suspicious activity, including fraud. 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 behaviour.
According to Steve Bryant, St. George AML/CTF Program Director, "At St. George, we are committed to complying with both the letter and the spirit of the AML/CTF regulation. To achieve this, we are implementing all of the policies, processes and procedures to ensure full compliance with this legislation. Norkom's software suite not only enhances our protection against financial crime, but also enables us to ensure effective legislative compliance. We chose Norkom because of its proven technological ability, its highly referenceable global client base, and its commitment to provide a truly world-class service locally, here in Australia."
Bruce Quick, Norkom's Director of Sales & Business Development for Asia Pacific, says, "We are proud to become one of the first financial crime and compliance software providers in Australia to deploy a live solution to meet the exacting standards of the AML/CTF Act and are delighted to have shared this experience with St. George. Now we can ensure that all our Australian clients can benefit from this experience by ensuring that their regulatory and business needs are met, both now and into the future."
Norkom Technologies opened its Australian offices in Sydney in 2006 and Melbourne in 2007 to help the company to deliver a truly local service. Since then, the company has cultivated strong presence in the Australian financial services marketplace, with seven other banks following St. George's lead in selecting Norkom as their vendor of choice for financial crime and compliance software solutions.
About St. George
St. George is Australia's fifth largest retail bank and one of the top 20 publicly listed companies in Australia, employing over 9,000 people.
Its national operations span all aspects of the financial industry including retail banking, institutional & business banking, and wealth management. At the Bank's core is a close relationship with its customers and this remains the cornerstone of future strategies, an important tradition that distinguishes St. George from other Australian banks.
About Norkom Technologies (www.norkom.com)
Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organisations to take intelligent action, control defences, 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 information technology.
Norkom serves clients in over 100 countries, including HSBC, Credit Agricole, DnB Nor, Erste, Fortis, Rabobank, Standard Chartered Bank, Swedbank, Washington Mutual and Western Union.
Media contact: Fiona McLoughlin, Marketing Manager, Norkom Technologies, Tel: +353-1-8739612 or email fiona.mcloughlin@norkom.com
Bruce Quick, Director of Sales & Business Development Asia
Pacific, Tel: +61-2-9255-0488 or email bruce.quick@norkom.com
SOURCE: Susanne
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