Standard Chartered China launched AML Applications

Standard Chartered Bank (China) Limited ("Standard Chartered China") has officially launched the Anti Money Laundering (AML) applications from Norkom Technologies. The implementation is part of a Group initiative to implement the applications across the Bank's key countries and businesses to

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Standard Chartered Bank (China) Limited (“Standard Chartered China”) has officially launched the Anti-Money Laundering (AML) applications from Norkom Technologies. The implementation is part of a Group initiative to implement the applications 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 has undertaken in response to heightened global and China’s expectations on AML. In addition to launching the AML applications, the Bank has also taken many other efforts on AML, including establishing a transaction monitoring unit, increasing dedicated professionals, revising due diligence procedures, implementing customer database periodic matching technology, etc.

Norkom Technologies’ applications 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.

“We are delighted to have launched the advanced Anti-Money Laundering applications in China, through which our capabilities to monitor and identify suspicious transactions will be greatly enhanced,” says Alan Fung, chief operating officer, Standard Chartered Bank (China) Limited. “As a bank with over 150 years of continuous operation in this market, we are committed to abide by all local regulations through consistently optimizing our operating platforms in achieving a secure and stable financial market environment.”

D.C.

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