As part of its strategy to fight money laundering and terrorism financing, French banking group Credit Agricole has revealed plans to introduce financial crime and compliance software from Norkom Technologies.
The French company aims to deploy Norkom’s software across all of its retail banking operations in France, which serve 23 million customers.
Norkom’s anti-money laundering and watch list management software will be used to monitor banking transactions to detect suspicious and criminal behavior using sophisticated behavioral profiling, link analysis and case management technology.
When unusual activity is identified, prioritized alerts will automatically be issued to a team of investigators to begin a comprehensive, step-by-step investigation process. The software will also monitor transactions against various ‘watch lists’ to immediately identify high-risk individuals, organizations or countries and prioritize investigations to focus attention on the greatest threats.
In addition to enabling faster and more accurate identification of fraudulent customer activity, Norkom’s software is also expected to deliver substantial efficiency savings by streamlining the bank’s existing compliance and financial crime management systems and procedures.
The software will be implemented in several phases over the next 18 months.
This contract with Credit Agricole builds on Norkom Technologies’ existing client base in over 100 countries, which includes leading global financial services organizations such as HSBC, KBC Bank, Standard Chartered Bank, and Travelex.