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March 22, 2005

Travelex deploys anti-money laundering software from Norkom Technologies

Foreign exchange specialist Travelex has implemented software from Irish fraud prevention company Norkom Technologies to service all its operations.

By CBR Staff Writer

According to the agreement, Travelex will use Norkom’s Anti-Money Laundering and Compliance software to detect suspicious behavior in business transactions across its international travel and financial products.

The software will also be used to profile and case manage possible anti-money laundering activities, in addition to the production of compliance reporting as required by financial regulators.

Commenting on the deal, Paul Kerley, CEO Norkom said: The perpetrators of financial crime are often non-account based customers and so it is imperative for financial institutions to strengthen their defences in the course of transaction based business.

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