Norkom Launches Market Leading Risk-Based Customer Due Diligence Solution

Norkom Launches Market Leading Risk-Based Customer Due Diligence Solution

January 24, 2007

    SYDNEY, Australia, Jan. 24 /Xinhua-PRNewswire/ --
Norkom Technologies launches its new risk-based customer
due diligence (CDD) solution designed to enable financial
services organizations' to effectively comply with today's
stricter and more stringent worldwide `Know Your Customer'
regulations as outlined in the US PATRIOT ACT, the 3rd EU
Money Laundering directive, Australia's AML/CTF Act, the
OFSI B8 guidelines and the FATF 40 recommendations.

    Norkom's new offering is an end to end CDD solution
with tailored risk-based methodologies that differentiate
low and high risk customers at the point of account
opening. This enables organizations to focus attention on
verifying and validating higher risk clients while allowing
business to commence quickly with lower risk customers.

    Furthermore, the technology spans the lifecycle of a
customer continually monitoring a customer's initial risk
assessment to ensure it remains valid in light of
additional transactional and behavioral information. Should
unusual behavior occur the solution will automatically
assess the relevance of the assigned risk category and make
system-generated recommendations, with supporting rationale,
on changes that should be made. This approach enables
organizations to ensure that customers are correctly risk
profiled right throughout their lifecycle and not just at
the time of account opening.

    Norkom's CDD solution comes with a comprehensive case
management module which ensures investigation efficiency is
optimized at all stages of the investigation process.
Regulatory reports such as SARs can be generated
automatically as well as business reports to check on
performance metrics and risk exposure and ensure an
efficient and effective CDD operation.

    Norkom's solution is already delivering benefits to
Fortis -- the major European financial services group.
Rudmer van der Meulen, Integrity Services -- Development at
Fortis comments: "Norkom's customer due diligence
solution enables us to meet our regulatory obligations and
execute a risk based approach to managing our business. The
Norkom solution enables us to apply different processes for
different customers based on the risk they represent to the
business -- for example, account opening requests from low
risk customers can be processed swiftly and efficiently
leaving investigators free to focus their efforts on those
customers that require enhanced due diligence which makes
sense for the business."

    The solution has been designed and developed with
expert practical input from Norkom's Client Advisory Board
which includes members from Norkom's global client base
making it a truly market leading offering.

    The risk-based CDD solution is the latest addition to
the company's financial crime and compliance suite which
includes solutions for anti-money laundering and all types
of fraud. Its launch further strengthens Norkom's portfolio
which was described as `outclassing its competitors' by the
recent evaluation of AML solutions by the analyst group
Celent.

    Norkom's financial crime software suite is underpinned
by a common technology platform enabling clients to detect
and investigate multiple types of crime. It provides the
infrastructure required for an end-to-end financial crime
strategy reducing the total cost of ownership and
protecting clients from the need for large-scale technology
investments with every new type of regulation or crime.

    Paul Kerley, CEO of Norkom comments: "Our CDD
solution is available as a stand alone product or as part
of our financial crime and compliance suite. The solution
is capable of transforming an organization's business by
enabling them to take a real risk based approach to their
customer due diligence processes."

    About Norkom Technologies 

    Norkom Technologies is a leading provider of financial
crime solutions to the global financial services industry.
Its solutions enable organizations to detect and combat
financial crime, reducing their operational losses, and
addressing the industry's ever-changing compliance and
regulatory requirements. Norkom provides a portfolio of
financial crime solutions, which include products for
Anti-Money Laundering (AML), Watch List Management, Card
Fraud, Identity Theft, Check Fraud and Internal Fraud.

    Founded in 1998, Norkom has operations across North
America, Europe and Asia Pacific. Clients include: HSBC,
Credit Agricole, Fortis, Rabobank, Standard Chartered Bank,
Erste Bank Group, Travelex, the New York Clearing House,
Bank of Montreal Financial Group, Allied Irish Bank, KBC
Bank, National Australia Bank Group, and other global
financial institutions and organizations. For more
information please visit www.norkom.com


    For more information, please contact:

     Rosemary Turley, 
     Marketing Director - Norkom Technologies
     Tel:   [phone]
     Email: [e-mail]


SOURCE  Norkom Technologies