In an attempt to bolster its presence in the Southeast Asian financial crime and compliance marketplace, Norkom Technologies has signed a deal with Daiwa Capital Markets Singapore, a global investment bank.

Daiwa Capital Markets Singapore will implement Norkom’s sanctions & politically exposed persons (PEP) screening and transaction monitoring solutions. Using Norkom’s analytics software, which screens over one billion financial relationships daily for financial institutions across the globe, all transactions will be screened against industry watch lists to safeguard the investment bank against business being inadvertently carried out with high-risk entities such as terrorists, criminals and politically exposed persons (PEP).

The deal with Daiwa Capital Markets Singapore marks the latest in a series of accomplishments for Norkom Technologies in Asia-Pacific. Having initially cornered the Australian financial crime and compliance marketplace in late 2006 by helping financial institutions comply with the anti-money laundering/counter terrorist financing (AML/CTF), Norkom has successfully on-boarded 11 new named clients including ANZ, St.George and Westpac within 18 months.

Within the last year alone, Norkom has closed deals in a number of Asian markets including Korea (in a deal with Woori Bank, Korea’s second largest financial institution), Indonesia and Papua New Guinea (in a deal with Bank South Pacific, which involves the rollout of Norkom’s risk-based anti-money laundering (AML), customer due diligence / Know Your Customer (CDD / KYC) and multi-channel fraud management solutions across BSP’s operations in the Pacific Islands of Fiji, Solomon Islands and Niue).

Bruce Quick, director of sales and business development at Asia-Pacific, said: “The Asian-Pacific financial crime and compliance marketplace is an exciting place to be right now, with a myriad of financial crime related activities taking place in every country. Each Asian market has its own financial crime and compliance business drivers, which vary from market-to-market – whether that’s to comply fully with emerging local money laundering legislation or to fight the spiralling levels of fraud across multiple channels.

“The value of Norkom’s platform is that it enables financial institutions to address their immediate and specific financial crime and compliance needs, whilst providing them with the opportunity of seamlessly enhancing their defenses against all types of financial crimes at any point in the future.”