Bank Deploys Anti-Money Laundering System - InformationWeek
IoT
IoT
Software // Enterprise Applications
News
10/11/2005
03:49 PM
50%
50%

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
Comments
Newest First  |  Oldest First  |  Threaded View
[Interop ITX 2017] State Of DevOps Report
[Interop ITX 2017] State Of DevOps Report
The DevOps movement brings application development and infrastructure operations together to increase efficiency and deploy applications more quickly. But embracing DevOps means making significant cultural, organizational, and technological changes. This research report will examine how and why IT organizations are adopting DevOps methodologies, the effects on their staff and processes, and the tools they are utilizing for the best results.
Register for InformationWeek Newsletters
White Papers
Current Issue
Digital Transformation Myths & Truths
Transformation is on every IT organization's to-do list, but effectively transforming IT means a major shift in technology as well as business models and culture. In this IT Trend Report, we examine some of the misconceptions of digital transformation and look at steps you can take to succeed technically and culturally.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll