Natexis Banques Populaires, the financing, investment banking and services bank of the major French banking group, announced this week it selected Norkom Technologies’ financial crime and compliance software to reinforce its defenses against money laundering.
The EUR1 million agreement will see Norkom’s software implemented in several phases across Natexis Banques Populaires’ operations throughout France as a key part of the bank’s strategy to enhance compliance with stringent anti-money laundering regulations, a news release said.
Using sophisticated behavioural analysis, customer profiling and case management technology, the software will increase Natexis Banques Populaires’ ability to detect suspicious activity. The technology will be used to monitor transactions, identify unusual activity and automatically issue prioritized alerts to a team of investigators to complete a comprehensive, step-by-step investigation process.
In addition to enabling faster and more accurate identification of fraudulent customer activity, Norkom’s software will also deliver substantial efficiency savings by streamlining the bank’s existing compliance and financial crime management systems and procedures.
Paul Kerley, CEO of Norkom Technologies said: “We are confident we can meet Natexis Banques Populaires’ objectives and deliver a tangible return on investment. In other client deployments, our products are proven to decrease financial crime incidents by up to 70 percent and to speed up investigations by 98 percent.”