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Standard Chartered China Fight Money Laundering With Norkom

Rachel Walsh

1 April 2009

The Chinese operation of Standard Chartered Bank has launched the anti-money laundering solutions from Dublin-based Norkom Technologies. The implementation is part of a group initiative to implement the software across the bank’s key countries and businesses to help comply with local anti-money laundering regulations in China and international regulatory expectations.

This is among a series of initiatives that Standard Chartered China has undertaken in response to heightened global attention on anti-money laundering. In addition to this launch, the bank has also taken many other efforts to combat the problem, including establishing a transaction monitoring unit, increasing dedicated professionals, revising due diligence procedures and monitoring customers with database matching technology.

Norkom’s solutions monitor banking accounts and transactions to identify suspicious behaviour and match these against various watch lists, identifying transactions to or from individuals, organisations or countries that are viewed as ‘high risk”. Alerts are prioritised so that the bank can focus its attention on those that represent the greatest risk.

Norkom provides financial crime and compliance software to the global financial services industry. The firm aims to enable financial organisations to detect and combat financial crime, control defences and evolve strategies against fraud, money laundering and other types of financial crime.