Under the terms of the agreement, Banco Santander can deploy this suite across all its European and Latin American operations, helping it to comply with national and international regulations, such as the 3rd EU Money Laundering Directive. The first implementation will be in Spain.
Norkomâs enterprise-wide Anti-Money Laundering and Watch List Management software will monitor Banco Santander transactions across all customers and accounts to detect, investigate, manage and report potentially suspicious behaviour. The bank will be automatically alerted if any individual or entity attempting to transact with it is listed on any of the numerous and diverse watch lists issued by the regulators through the use of sophisticated matching and analytic techniques. In addition, the softwareâs step-by-step investigation workflows and comprehensive alert and case management capabilities will deliver greater efficiency to the investigation process, significantly reducing costs and improving the productivity of the AML Teams.
Norkomâs flexible platform structure will enable them to deploy one consistent solution across the enterprise with an option to extend further into other Banco Santander areas in the future.
Alain Tayenne, General Manager of Norkom Europe, commented, âWe are delighted to welcome Banco Santander into our expanding family of tier one clients. This is a significant deal for Norkom not only because it marks our strategic entry into Spain but also because it enables us to count six of the worldâs top ten banks as clientsâ.
The contract with Banco Santander builds upon Norkomâs existing client base in over 100 countries, which now includes six of the worldâs top 10 banks. Norkomâs clients include HSBC, Credit Agricole, Fortis, Rabobank, Erste, Raiffessen Zentralbank Osterreich and Standard Chartered Bank.