Software // Enterprise Applications
News
10/11/2005
03:49 PM
Connect Directly
RSS
E-Mail
50%
50%
Repost This

Bank Deploys Anti-Money Laundering System

Standard Chartered has deployed anti-money laundering software from Norkom Technologies to monitor banking transactions and terrorist watch lists for high-risk transactions.

Standard Chartered plc has implemented anti-money laundering software from Norkom Technologies in the London-based bank's operations, which span 50 countries on four continents.

The Norkom software monitors banking transactions and terrorist watch lists, and flags transactions between individuals, organizations, or countries deemed high-risk.

Banks are required to comply with the USA Patriot Act in the United States and similar laws overseas that require them to monitor for suspicious activity that may be part of terrorist financing, and to check against lists of known terrorists such as those supplied by the U.S. Treasury's Office of Foreign Assets Control.

The Norkom software monitors the bank's transaction to identify suspicious behavior, and issues alerts as needed to Standard Chartered's investigation teams. The system will replace other fraud detection systems in use at Standard's locations around the world, says Mike McVicker, head of compliance at Standard Chartered Bank Americas.

Norkom's profiling and rules engines lets organizations better understand and predict behavior, allowing them to take appropriate action in real time or at a scheduled time in the future.

The profiling engine is a component-based platform for developing analytical systems that can be embedded in business products and for deploying predictive intelligence to a large number of business users. The results can be viewed in a visualization tool.

The rules engine monitors data and detects specific behavior patterns within mission-critical, high-transaction volume environments. Organizations can automate business rules and decision processes through the use of intelligent agents, which provide workflow, authorization, process management, and reporting capabilities.

Comment  | 
Print  | 
More Insights
Building A Mobile Business Mindset
Building A Mobile Business Mindset
Among 688 respondents, 46% have deployed mobile apps, with an additional 24% planning to in the next year. Soon all apps will look like mobile apps and it's past time for those with no plans to get cracking.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Elite 100 - 2014
Our InformationWeek Elite 100 issue -- our 26th ranking of technology innovators -- shines a spotlight on businesses that are succeeding because of their digital strategies. We take a close at look at the top five companies in this year's ranking and the eight winners of our Business Innovation awards, and offer 20 great ideas that you can use in your company. We also provide a ranked list of our Elite 100 innovators.
Video
Slideshows
Twitter Feed
Audio Interviews
Archived Audio Interviews
GE is a leader in combining connected devices and advanced analytics in pursuit of practical goals like less downtime, lower operating costs, and higher throughput. At GIO Power & Water, CIO Jim Fowler is part of the team exploring how to apply these techniques to some of the world's essential infrastructure, from power plants to water treatment systems. Join us, and bring your questions, as we talk about what's ahead.