Under the terms of the deal, Banco Santander is to implement the Anti-Money Laundering and Watch List Management software from Norkom in order to monitor its customer accounts and activities and detect suspicious transaction attempts. To this end, Norkoms enterprise AML technology platform is to employ matching and analytic techniques which alert the bank if individuals or companies attempt to carry out suspicious transactions. Moreover, the Norkom AML software includes step-by-step investigation workflows as well as alert and case management functions which seek to enhance the efficiency of the investigation processes conducted by Banco Santander’s AML Teams and allow the bank to comply with national and international regulations.
Norkom representatives have stated that along with the implementation of its AML technology platform structure in Banco Santander units, the Spanish banking group has been offered the option to employ Norkom technology in other areas in the future. Other financial services providers who have partnered with Norkom are HSBC, Credit Agricole, Fortis, Rabobank, Erste, Raiffessen Zentralbank Osterreich and Standard Chartered Bank.
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