Norkom Technologies has announced that Al Hilal Bank, a government-owned Islamic bank based in the UAE has selected its financial crime and compliance solutions. The bank will implement Norkom’s Anti-Money Laundering (AML) and Watch List Management (WLM) solutions across its operations in Abu Dhabi, Al Ain and Dubai, to comply with increasing national and international regulations.
Norkom said that its AML software will help Al Hilal Bank to monitor and analyze transactions and customer interaction across its entire customer base to identify and investigate suspicious and criminal behavior.
Through matching techniques, Norkom’s WLM solution will automatically alert Al Hilal Bank, if any entity attempting to transact with it is listed on any of the industry’s diverse watch lists. This tool is expected to improve the bank’s defenses and protect it from exposure to sanctions and from inadvertently conducting business with known or suspected criminals and terrorists.
Head of compliance at Al Hilal, said: “At Al Hilal Bank, we take issues of money laundering and terrorist financing very seriously. We are committed to improving our defenses against these forms of financial crimes, as well as maintaining the highest standards of compliance with local and global regulations.”
Liam Griffin, chief commercial officer at Norkom, said: “We’re delighted to welcome Al Hilal Bank, our second Islamic banking client, to our growing client base. Over the last 12 months since we entered the Middle East, we have won four major deals because of our ongoing commitment to the market.”
