A user of Norkom’s AML solution since 2002 – technology that automates its anti-money laundering (AML) activities – KBC will use the same technology in its fight against fraud. In doing so it is signalling a new trend that is fast gaining ground as companies recognize the advantages of combining their compliance management and financial crime prevention activities.
Bruno Van den Meerschaut, KBC’s head of AML, explained, the fundamental challenge, both in compliance and financial crime prevention, is to bring transactional, customer and account data together and, through analytics, to identify the suspicious or unusual…The rest is simply fine-tuning for specific purposes, whether that’s money laundering, internal fraud or other types of financial crime.
Since implementation of the software, KBC is able handle the total volume of alerts and investigations coming from approximately 400,000 transactions daily, using a core team of four investigators.
With fraud becoming an increasing concern among banking customers, it is imperative that financial institutions introduce greater security measures in the effort to prevent such crime. This can only be good news for providers of financial crime solutions, such as Norkom, which can expect greater demand for their products.
