Icelandic banks work together on AML...

Three Icelandic banks, together with the Central Bank of Iceland, have chosen Norkom's crime and compliance software to increase their protection against money laundering and meet national and international regulations.

Landsbanki Islands, Glitnir Bank, Sparisjóðabanki/sparisjodirnir(Icebank) and CBI have worked together through Reiknistofa Bankanna – the Icelandic Banks Data Centre – to take advantage of economies of scale and create a standard for detection across the country.
Over the next nine months, Norkom's anti-money laundering and watch list management software will be implemented in phases throughout the banks' operations in Iceland to detect and combat suspected money laundering and terrorist financing activity.
Norkom was chosen after a three month selection process because it had a record of successfully spanning organisations. The banks will also be able to use the technology platform in the future for other types of financial crimes, for example debit card fraud or employee fraud.

Herman Verrelst, director of European operations at Norkom, said: "Norkom was selected by the Icelandic banks against tough competition. As a market leader in Europe we were able to demonstrate our strong track record in implementing highly effective financial crime and compliance solutions with many other major international banking groups. We will be working closely with the Icelandic banks to meet their requirements to fight terrorist financing and enhance their compliance with money laundering regulations."

Norkom uses behavioural profiling and case management technology to detect suspicious activity in banking transactions. Once identified, prioritised alerts are automatically issued to the banks' investigators to begin an investigation process. Norkom's software will also monitor the Icelandic banks' transactions against World Check and other 'watch lists' to immediately identify high-risk individuals, organisations or countries.