March 31, 2009

Standard Chartered Bank launched the anti-money laundering (AML) solutions from Norkom Technologies (Dublin) in its China operations. The implementation is part of a group initiative to implement the solutions across the bank's key countries and businesses to help comply with local AML regulations in China and international regulatory expectations.

This is amongst a series of initiatives that Standard Chartered China (Shanghai) has undertaken in response to heightened global and local expectations on AML. In addition to launching the AML solutions, the bank has also established a transaction monitoring unit, increased dedicated professionals, revised due diligence procedures and implemented customer database periodic matching technology.

Norkom's solutions are designed to monitor banking accounts and transactions, both in real-time and batch mode, to identify suspicious behavior and matches these against various watch lists, identifying transactions to or from individuals, organizations or countries that are viewed as high risk. Alerts are prioritized so that the bank can focus its attention on those that represent the greatest risk.

For Norkom, the Standard Chartered deal is just one in a series of recent announcements from the company in Asia and the UK.

ABOUT THE AUTHOR