Landsbanki Islands, Glitnir Bank, Sparisjoabanki/sparisjodirnir(Icebank) and The Central Bank of Iceland have worked together in a selection process through Reiknistofa Bankanna – the Icelandic Banks Data Centre.
The banks will now deploy Norkom’s anti-money laundering and watch list management software to monitor transactions throughout their operations in Iceland to detect and combat suspected money laundering and terrorist financing activity. The software will be implemented in several phases over the next nine months as part of the banks’ commitment to enhance compliance with strict anti-money laundering regulations.
Norkom uses behavioral profiling and case management technology to detect suspicious and criminal activity in banking transactions. Once identified, prioritized alerts are automatically issued to the banks’ investigators to begin an investigation process.
Norkom’s software will also monitor the Icelandic banks’ transactions against World Check and other ‘watch lists’ to identify high-risk individuals, organizations or countries in order to prevent business being carried out with them.
