Banco Santander (Madrid) will implement the Anti-Money Laundering and Watch List Management software from Norkom Technologies (Dublin).
The bank will implement the solution in Santander AML Units in a deal that marks Norkom's entry into the Spanish financial services market. Under the terms of the agreement, Banco Santander can deploy the product suite across all its European and Latin American operations, helping it comply with national and international regulations such as the 3rd EU Money Laundering Directive. The first implementation will be in Spain.
Norkom's enterprise-wide Anti-Money Laundering and Watch List Management software will monitor Banco Santander transactions across all customers and accounts to detect, investigate, manage and report potentially suspicious behavior. The bank will be automatically alerted if any individual or entity attempting to transact with it is listed on any of the numerous and diverse watch lists issued by regulators.